DUNLAP, Tenn. -- Michigan-based Tecumseh Products has agreed to sell its engine and power train business operations to Platinum Equity LLC affiliates for $51 million in cash.
Included is the company's plant in Dunlap.
Local plant manager Earl Johnson says he's been told plant employees should expect "business as usual."
Tucumseh opened the Dunlap plant nearly 20 years ago. It has employed as many as 600 workers locally, although a second shift started in early 2006 has now ceased.
The plant makes small engines for lawn equipment.
Tecumseh said it will use the sale proceeds to pay off its domestic debt.
The company will concentrate on its compressor manufacturing business.
(Copyright 2007 by The Associated Press. All Rights Reserved.)
To comment, the following rules must be followed:
Comments may be monitored for inappropriate content, but the station is under no legal obligation to do so.
If you believe a comment violates the above rules, please use the Flagging Tool to alert a Moderator.
Flagging does not guarantee removal.
Multiple violations may result in account suspension.
Decisions to suspend or unsuspend accounts are made by Station Moderators.
Links require admin approval before posting.
Questions may be sent to email@example.com. Please provide detailed information.