Tecumseh Delays Announcement of Restructuring Plans
- arryawke
- Apr 17, 2015
- 1 min read
Embattled compressor manufacturer, Tecumseh, announced a delay to the announcements of its restructuring plans today.
The company had originally stated in March this year that it would real its plans to investors by mid-April. Tecumseh’s management team said that it had made ‘significant progress’ in refining its plans but they were not ready to make this public yet.
Tecumseh’s President and CEO, Harold Karp, stated:
"While we continue to focus on new product introductions and to aggressively drive improvements in our commercial and operational processes, we are also finalizing the remaining critical elements which will enable us to communicate our longer term plan."
He added:
"We appreciate your continued interest and commitment to Tecumseh and to our Board and management team, and we look forward to presenting our plan soon."
Tecumseh has been struggling to restructure its compressor manufacturing business to stem losses amid fierce global competition.
