Husqvarna Buys Peerless from Tecumseh
While this purchase has nothing to do with Tecumseh’s Engine division, this is good news for those involved with the Transmission/Powertrain division located in Indiana.
This was reported last Thursday from the Milwaukee Business Journal: Husqvarna Outdoor Products has purchased the Peerless transmission business from Tecumseh Power Co.
The Peerless transmissions business designs and manufactures transmissions to outdoor power equipment manufacturers, and aftermarket service parts to OEMs and central warehouse distributors.
The transaction announced Thursday, February 5, 2009 represents the latest in a series of initiatives Tecumseh Power’s management team is taking in response to significant declines in customer volume in the engine business. Financial terms, however, were not disclosed.
“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,” Tecumseh Power 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.”
The transmissions division is based out of Salem, Indiana with some operations in Grafton.
Tecumseh Power Co. previously announced that the company would shut down engine manufacturing operations by the end of 2008. The company continues to serve existing customers with full support for engine parts and services.
*UPDATE: TecumsehPower Co. has announced the sale of assets from its Engine Business to Certified Parts Corporation.
[...] week after announcing it has sold its Peerless Transmission division to Husqvarna, Tecumseh Power Company Sells Assets from Engine Business to Certified Parts Corporation [...]