EXHIBIT 99.2

                    FIRST QUARTER 2004 INVESTOR PRESENTATION
    JAMES S. NICHOLSON, VICE PRESIDENT, TREASURER AND CHIEF FINANCIAL OFFICER


         Good morning and welcome to our first quarter 2004 conference call.
This call is being simultaneously broadcast on the internet and will also be
archived for replay starting this afternoon. The replay can be accessed at our
web site, www.tecumseh.com.

         As you may have noticed from my introduction, there has been a change
here at Tecumseh and my voice is different than the one to which you may have
become accustomed. David Kay, our former CFO, has joined Gibralter Steel, and I
have been appointed by the Board of Directors to serve in this capacity.

         I am sure we will get to know each other as time progresses, but let me
start by clearing up a potential misconception in the marketplace. Mr. Kay's
departure was amicable and was not a result of dismissal or disagreement. The
swift nature of the effectiveness of his resignation was only to facilitate the
timely filing of our proxy statement with the latest accurate information,
reflective of the change in leadership and Board composition. Dave and I had
worked very closely during our tenure here together, and I anticipate a seamless
transition.

         I will start our conversation this morning with some brief comments,
expanding on our press release both in terms of our actual results for the
quarter, as well as a preliminary look at the second quarter. Following my
comments, we will open up the call for your questions. As is customary, I would
remind you that my prepared comments this morning, and the answers to your
questions, contain forward-looking statements within the meaning of the
Securities laws. I refer you to the cautionary statements contained in our press
release concerning significant risks and uncertainties involved with forward
looking statements that could cause actual results to differ materially from
projected results.

         Reported results for the first quarter 2004 amounted to a net profit of
$6.4 million or $0.34 per share, compared to $2.4 million or $0.13 per share in
the first quarter of 2003. Included in first quarter 2003 reported results was a
charge of $13.6 million dollars gross, or $8.7 million dollars net of tax,
related to environmental costs at the Company's former Sheboygan Falls,
Wisconsin facility. This charge had the effect of reducing reported earnings by
$0.47 per share in the first quarter last year. While our bottom line did
improve year over year, if you exclude last year's environmental charge, the
Company experienced an approximate 43% decline in comparable results year over
year. This decline is more than explained by the results from our Compressor
business.

         Consolidated sales for the quarter amounted to $477.0 million dollars,
up from last year's first quarter sales of $473.9 million; however, the largest
factor for this increase was the effect of currency translation that increased
sales by $20.5 million. Excluding the effects of currency, we actually
experienced a decrease in overall sales. This decrease was attributable to the
Engine & Power Train segment and the North American operations of the Compressor
business. I will address these changes more specifically in my comments
regarding each business segment.


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         Results for the quarter, both in terms of sales and operating profits,
while disappointing, were not totally inconsistent with our expectations. The
strength of the U.S. Dollar generally is not good for our Company, given the
significance of our foreign operations that sell in U.S. Dollars. Based upon our
computations, approximately half of the decline in profitability can be traced
to the effect of currencies, with our operation in Brazil representing the
largest piece. Commodity prices also had an impact, most of which was
experienced in March. I will have more to say about commodity prices throughout
my commentary.

         To best understand our overall results, it is best to look at them by
business segment -- starting with the Compressor business. Compressor sales in
terms of dollars rose by $8.2 million or 4%, but the effects of currency, which
amounted to $14.7 million, more than explained the increase. Excluding currency,
a 46% decline in volumes of compressors sold for unitary air conditioning
applications made by the U.S. operations was the most significant portion of the
resulting decrease.

         Compressor segment operating results were down $9.0 million or 43% in
comparison to the prior year. This decline was attributable to Brazilian, Indian
and North American operations. The most sizeable decline came from Brazil, where
results declined by $6.1 million. The weakness of the U.S. Dollar against the
Brazilian Real was the single most important factor. As noted in our press
release, the Real was 17% stronger on average in the first quarter of 2004 than
the comparable quarter in 2003. Brazilian operations also had an unfavorable
sales mix resulting from higher sales into the South American territory, as well
as higher commodity costs. Despite the significant decline, Brazilian operations
are still the best performer in the group. Brazilian operations accounted for
approximately 30% of the Compressor Group sales and approximately 64% of the
Group's operating profit.

         Events in India have made things difficult on the compressor operations
there as well. Recent reductions in duties on imported compressors have had a
highly deflationary effect on pricing within the country. As a result, operating
profit in India is down $1.6 million when compared to the prior year. We have
also been feeling the effects of higher commodity prices there as well.

         Results in the North American compressor operations were also down in
comparison to last year by $1.2 million. The deterioration is attributable to
the declining sales trend, which as noted previously, was specifically in the
unitary air conditioning market, as our share there continues to dwindle.

         The outlook in the Compressor Group for the second quarter and the
balance of the year continues to be difficult to predict, because so much will
depend on currency and commodity prices, even though we are encouraged by our
expectation for sales. The effect of the recent run up of commodity prices was
somewhat muted in the first quarter because of inventories and supply contracts.
The second quarter and the balance of the year, however, are a different story.
Given recent commodity purchasing experience, which includes being hit with
surcharges on top of our contracted prices, we have announced price increases
for certain of our products in many of our markets; however, these increases, on
average, are not effective until May, and the time lag alone will result in
squeezed margins. With all this uncertainty regarding currency and



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commodity prices, we conservatively believe that second quarter results in the
Compressor Group will lag those of the prior year.

         Moving to the Electrical Components Group. For the quarter, the Group
reported sales of $107.0 million compared to $107.8 million a year ago. Volume
declines in sales of gear motors and actuators were offset by gains in the
Asia/Pacific region; albeit, much of this increase was attributable to the
effects of currency.

         Electrical Components operating profit for the quarter was $3.4 million
compared to $1.9 million a year ago. The most significant element of improvement
was the absence of last year's $4.2 million dollar impact on cost of sales that
resulted from the sale of inventories that were written up to fair market value
in connection with purchase accounting. This improvement was offset by several
factors. The first is the escalation of the prices of commodities, including
copper and steel. The second is costs associated with a product issue involving
one of our automotive market customers. There was a design issue involving a
seat motor developed for a new platform. As a result, replacement motors needed
to be produced and expedited to the customer. Lastly, during the first quarter
of 2003, the valuations of FASCO's tangible and intangible assets were only
preliminary. In the second quarter of 2003, those valuations were finalized and
resulted in much higher values being assigned to intangible assets with
amortizable lives. Accordingly, intangible amortization was approximately
$600,000 higher in the first quarter of 2004 than in the respective period in
2003.

         Looking forward into the second quarter for the Electrical Components
business, industry sales would appear to be improving; however, commodity price
increases will have a dampening effect on earnings. Like actions taken in the
compressor business, we have announced price increases that on average will take
effect in May. The time lag between cost and sales price increases will squeeze
margins, and the potential changes in market share resulting from competitor
actions are undeterminable.

         Now let's look at the Engine and Power Train Group. Here our
restructuring efforts are beginning to bear fruit, albeit at a slower pace than
hoped. Sales in the Engine & Power Train Group were down $6.0 million or 5% from
the prior year's first quarter. The largest portion of the decrease was
attributable to Europe, where last year's extremely hot, dry summer left retail
inventories very high. As a result, sales volumes at the Company's European
operations were 40% lower this quarter when compared to last year. In addition,
the relatively strong Euro versus the Dollar, puts our European engine
operations at a competitive disadvantage. North America, however, is a different
story. While we are seeing robust demand that would suggest industry volumes in
excess of last year, we were not able to capitalize on this demand due to delays
in bringing our new supply chain to full capacity after our significant
restructuring actions in 2003. In Brazil, substantially all of the lines and
machinery have been qualified and are in production; however, inconsistent
production from our local supply sources has hampered our ability to reach
normal production levels. We have a steadfast commitment to produce quality
products and have sacrificed volume to absolutely ensure we deliver upon that
commitment. We are experiencing similar inefficiencies in North America. The
closure of our Sheboygan Falls facility resulted in the outsourcing of aluminum
die casting operations. Lower yields from these vendors has also affected North
American production to some extent. The bottom line is that had we been


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able to receive more production from Brazil during the first quarter, sales
would have been higher than last year.

         The Group improved operating results by $800,000. There was a
significant improvement in North America, where operating results improved by
$3.8 million year over year. Fixed cost reductions from the closure of the
facilities in Sheboygan Falls, Wisconsin and Douglas, Georgia, and a favorable
sales mix contributed to the improvement. Offsets included higher commodity
costs and die cast outsourcing. With respect to the mix improvement, sales of
engines used on snow throwers and generators were up 91% and 85%, respectively,
when compared to the first quarter last year. The improvement in North America
was offset by the volume-related decline in Europe and the start-up nature of
the Brazilian operations. In addition, we had to rework certain engines produced
in the Czech Republic due to the receipt of defective parts from a supplier that
had relocated production from the U.S. to Mexico. Results were impacted by
$500,000 in the first quarter as a result of this issue.

         Looking forward to the second quarter for the Engine & Power Train
business, we anticipate similar results as that of the first quarter. By that I
mean, we should see some marginal improvement in year over year results due to
improvements in North America offset by worse results in Europe and Brazil. The
rest of the year is more encouraging. The order book for snow engines is again
strong. It looks as if the total industry will exceed last year, and while some
share was lost, our volumes look to be above that of an average year.

         Pump operations continue to show consistent growth in sales, which
increased by 4.7% over the prior year. Most of the improvement was attributable
to the Little Giant Pump Company through increases in sales of pumps for water
gardening and condensate pumps which are sold into the HVAC market. Despite the
increase in sales, operating income in the segment declined from $3.5 million to
$3.3 million in the first quarter due to higher engineering and administrative
costs. Looking forward, we are encouraged by the recent economic data regarding
retail sales and are optimistic that the second quarter will be strong for this
business segment.

         Needless to say, these are still challenging times for the Company.
Intense competition in all of our market segments, rising commodity prices, and
a currently unfavorable dollar all weigh heavily on our near term results;
however, management and the employees of the Company have a clear vision of the
road ahead for the Company. Simply stated, we must deliver solutions that are
valued by our customers. "Solutions", in this case, means not only engineered
products, but also to serve as an integral part of our customers' supply chain.
We are systematically working to transform the Company's assets, both tangible
and intangible, to accomplish this end.

         In that regard, capital expenditures in 2004 will focus on new product
capabilities and production enhancements that lower costs and improve quality.
Additionally, we anticipate investments that will enhance our overall supply
chain integration with customers, suppliers and within the Company's operations.
We also anticipate continued research and development spending, as pending
regulations in the compressor, motor and engine segments all pose opportunities
in the marketplace. We have significant cash balances and anticipate generating
sufficient cash to fund these planned expenditures and pay dividends.


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         In addition, we continue to assess potential restructuring, cost
reduction actions and/or strategic business acquisitions that will enhance our
competitiveness and fit into the overall plan. Such actions could result in
material charges to our reported results in future periods.

         That concludes my prepared comments for this morning. I will now be
pleased to take your questions.






















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