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February 12, 2007
Tecumseh Products. Co. said it will lay off 320 employees by the end of the summer, as part of a worldwide workforce reduction plan that calls for the loss of 2% of its employees.
The Tecumseh-based maker of compressors, engines and pumps said the job cuts will come from the shuttering of its New Holstein, Wis. Plant, which builds parts for gasoline engines. About 220 workers will get pink slips on or about April 13; the remaining 100 are to leave Aug. 31.
“While maintaining several of its U.S. operations, Tecumseh over the past several years has increasingly outsourced the manufacturing of components and certain small engines to low-cost countries, including India, Brazil and China,” said James Bonsall, president and chief operating officer of Tecumseh.
“Making these strategic moves enhances Tecumseh’s ability to compete in the highly competitive global business environment. The impact of the decision announced today on Tecumseh’s remaining workers in New Holstein is deeply regrettable, but unavoidable.”
Tecumseh Products has about 18,500 employees worldwide, including about 4,000 in the United States.
It doesn’t appear that the company’s Michigan operations will be affected by the announcement.
Tecumseh Products stock fell 36 cents, or more than 2 cents, to $17.45 a share on the New York Stock Exchange at 10:46 a.m. Monday.
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