EXHIBIT 99.2

                    THIRD QUARTER 2004 INVESTOR PRESENTATION
    JAMES S. NICHOLSON, VICE PRESIDENT, TREASURER AND CHIEF FINANCIAL OFFICER
                                OCTOBER 28, 2004

         Thank you, Rochelle.

         Good morning and welcome to our third 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.

         Following our usual protocol, I will start our conversation this
morning with some brief comments expanding on our press release. Following my
comments, we will open the call for your questions. 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.

         Our reported results for the third quarter 2004 amounted to a net
profit of $12.3 million dollars or $0.67 cents per share, compared to a net
profit of $19.0 million dollars or $1.03 cents per share in the third quarter of
2003. Both 2004 and 2003 third quarters included restructuring and impairment
items. Included in third quarter 2004 reported results was a pre-tax charge of
$1.0 million dollars, or $650 thousand dollars net of tax, related to the
facility consolidation actions taken in both our Compressor and Electrical
Components businesses as part of the programs that were announced and initiated
in the second quarter. Also included in the third quarter 2004 is a $1 million
dollar charge or $650 thousand dollars net of tax for a workforce reduction
action in India. This action reduced the hourly workforce in the Company's
facility located in Ballabgarh by approximately 100 people. With respect to the
2003 third quarter, results included a curtailment gain of $3.3 million dollars
or $2.1 million dollars net of tax associated with the restructuring actions in
the Engine group that took place in 2003. In addition to the restructuring
charges, there were other items also worth noting to help understand the
comparability of the two periods. Third quarter 2004 earnings were affected by a
revision to our full year estimated effective tax rate which is now about 38%.
The change resulted from a change in the ratio of foreign losses, for which we
do not recognize a related tax benefit to total worldwide pre-tax income. The
resulting tax rate in the third quarter of 2004 is approximately 40%. This is in
contrast to an effective tax rate of 23% in the third quarter of 2003 due to a
number of favorable items that affected that quarter. The resulting decline in
third quarter earnings due to taxes was worth approximately $0.21 cents per
share. In further comparing the third quarter year over year results, net
interest expense increased from $200 thousand dollars to $3.0 million dollars
representing a $0.10 cent per share impact to the bottom line. Excluding all
these items, we saw a $0.14 cent per share improvement in operating earnings.
All of this improvement was attributable to the Compressor segment.

         Consolidated sales for the quarter amounted to $478.6 million dollars,
up from last year's third quarter sales of $438.5 million dollars, an increase
of $40.1 million dollars or 9%. The effect of currency translation increased
sales by $7.6 million dollars. The increase was

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attributable to the Compressor and the Engine and Power Train businesses. I will
address each of these changes more specifically in my comments regarding each
business segment.

         While the sales growth was positive, some segments fell at the lower
range of our expectations because summer temperatures in the U.S. have, for the
most part, been mild. Hot weather is generally more favorable for Compressor and
Electrical Component aftermarket operations.

         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 $25.1 million dollars, or approximately 13%. The
effects of currency accounted for about 25% of the increase. The remainder of
the increase can be attributable to very favorable global residential
refrigeration markets as well as an improving room air conditioning market. Our
global productive capacities for these small, high efficiency residential
refrigeration compressors are nearly at peak volumes, and the high demand for
these compressors has resulted in inflationary pricing. Total dollar sales in
this segment are up 39%. Our global sales for compressors used in room air
conditioners are also up by 50%.

         Compressor segment operating results improved by $7.0 million dollars,
or 45%, excluding the restructuring and impairment charges related to this
business. The improvement is reflective of the volume increases in the
refrigeration and room air conditioning segments. The exchange rate between the
U.S. Dollar and the Brazilian Real was a non-factor for the quarter as the
average exchange rate was fairly consistent year over year.

          The outlook in the Compressor Group for the balance of the year, as
always, is subject to variability due to currency rates, but currently we are
still bullish on the sales forecast. I would like to emphasize that we are not
seeing much relief on commodity costs and the effects will become more
pronounced as our various supply contracts expire and are renegotiated. Keeping
in mind the uncertainty regarding currency and commodity prices, which could
quickly change our outlook, we are optimistic that the Compressor Group will
show improved results in the fourth quarter in comparison to the prior year,
exclusive of restructuring charges.

         Moving to the Electrical Components Group. For the quarter, the Group
reported sales of $102.1 million dollars compared to $101.5 million dollars a
year ago. A weak aftermarket season and volume declines in sales of gear motors
were offset by gains in sales of motor parts to third parties and higher sales
in the Asia/Pacific region.

         Electrical Components operating profit for the quarter was $3.5 million
dollars compared to $3.9 million dollars a year ago, excluding the restructuring
and impairment charges associated with this business. Like last quarter, the
decline was largely attributable to the escalation of the prices of commodities,
including copper and steel.

         Looking forward into the fourth quarter of the year for the Electrical
Components business, our current forecasts indicate fairly consistent sales
levels, or up slightly. Like the previous quarters, however, profits will be
impacted by commodity costs.

         Now let's look at the Engine and Power Train Group. Sales in the Engine
and Power Train Group were up $15.4 million dollars, or approximately 14%, from
the prior year's third quarter. North America sales accounted for 95% of this
increase and were most notable in

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engines used for walk-behind rotary lawn mowers and snow throwers. Sell through
of walk- behind mowers was very good and extended the build season into the
third quarter. We sold approximately 100 thousand more walk-behind engines in
the third quarter than last year. The snow season is also looking like one of
the best on record. Our third quarter volumes are up 5 1/2 percent over a very
good last year despite some share losses.

         For the quarter, the Group's operating results declined by $1.1 million
dollars. The decline can be attributed to the same factors identified in the
second quarter. Commodity costs are affecting us globally and the late ramp up
of our new Brazilian operations has caused inefficiencies and cost premiums
within our U.S. operations. In addition, the high fixed costs of our European
production facilities remain a drag on earnings given very low production
volumes, particularly in the third quarter when volumes are at their lowest at
this facility.

         Looking forward to the balance of the year for the Engine and Power
Train business, we expect sales to be flat to slightly higher, but our outlook
is for further decline in operating profit based upon increasing cost pressures
and continuing cost increases in the European market.

         Now for the Pump Group. Pump operations experienced a decline in sales
of approximately 4% for the quarter. Sales within most segments were actually
up, except for the water gardening category. Here sales were off 30% as a major
retail customer sought to reduce their inventories in preparation of re-sourcing
this product to a Chinese-based supplier. Operating income in the segment
declined by $200 thousand dollars in the third quarter due to higher
engineering, administrative and benefit costs. Looking forward, we expect sales
to be relatively flat with declines in some markets being offset by others.
However, fourth quarter profitability will be challenged based upon our
increasing costs.

         In the aggregate, profitability in the fourth quarter will be down from
last year's fourth quarter. Like the third quarter, the two largest factors will
be net interest expense and taxes.

         During our call last quarter, I mentioned that the Company had begun
the implementation of Oracle's E-Business Suite globally. The implementation is
on schedule. Capital expenditures in the quarter related to the implementation
amounted to approximately $3.6 million dollars. In addition, we anticipate
continued research and development spending, as pending regulations in the
compressor, motor and engine segments all pose opportunities in the marketplace.
We still have significant cash balances and anticipate generating sufficient
cash to fund these planned expenditures and pay dividends.

         As always, 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 am now be
pleased to take your questions.


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