TPi November 2015

business & market news

Tecumseh to be acquired by affiliate of Mueller and Atlas

launching new products and enhancing customer service levels.

commence a tender offer for all the outstanding common stock shares of Tecumseh for $5 per share in cash – a 155 per cent premium based on Tecumseh’s closing price of $1.96 per share on 4 August 2015. Tecumseh’s board of directors has unanimously approved the merger agreement. Tecumseh will remain a stand-alone business with its headquarters unchanged at the close of the proposed transaction. In addition, the company will continue to operate its global technology centres and manufacturing facilities in North America, South America, Europe and Asia. It will become a privately held company and will be delisted from the NASDAQ stock market, strengthening its ability to focus on growing the business,

Tecumseh Products Company, a manufacturer of compressors and related products, in conjunction with Mueller Industries and Atlas Holdings, has entered into a definitive merger agreement under which an affiliate of Mueller Industries and Atlas Holdings will acquire Tecumseh in a transaction valued at approximately $123mn, including the assumption of net debt. “We look forward to working with Mueller Industries and Atlas Holdings to help us achieve continued growth as we provide our customers with innovative, best-in-class products and outstanding service and support,” stated Harold Karp, president and chief executive officer of Tecumseh. Under the terms of the merger agreement, an affiliate of Mueller Industries and Atlas Holdings will

Mueller Industries manufactures copper tube and fittings; brass and copper alloy rod, bar and shapes; aluminium and brass forgings; aluminium and copper impact extrusions; plastic pipe fittings and valves; refrigeration valves, vessels and fittings; and fabricated tubular products. Its operations are located throughout the USA, and in Canada, Mexico, the UK and China.

Tecumseh Products co – USA www.tecumseh.com

Mueller Industries, Inc – USA www.muellerindustries.com

atlas Holdings llc – USA www.atlasholdingsllc.com

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November 2015 Tube ProducTs INTerNaTIoNal