TecumsehPower Co., a Grafton provider of powertrain solutions to the global outdoor power equipment industry, said it has sold its Peerless transmissions business to Husqvarna Outdoor Products.
Financial terms of the transaction were not disclosed.
The Peerless transmissions business, located primarily in Salem, Ind., with limited operations in Grafton, designs and manufactures transmissions to outdoor power equipment OEM customers, and aftermarket service parts to OEMs and central warehouse distributors. Husqvarna is not acquiring any assets or operations of Tecumseh's engine business.
The transaction announced today represents the latest in a series of initiatives TecumsehPower’s management team is taking in response to significant declines in customer volume in the engine business.
“In response to a very difficult situation we are executing an orderly plan that protects our customers, creates value for our investors and preserves as many jobs as possible,” TecumsehPower Co. president and CEO Rudolf Strobl said in a press release. “The successful divestiture of the Peerless transmissions business was a critical step in that process and is good news for everyone involved.”
In October 2008 TecumsehPower informed its customers that the company would shut down manufacturing operations related to its engine business, a process that was largely completed by the end of 2008. The company continues to serve existing customers with full support for engine parts and services.
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