TPI November 2015

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November 2015 Tube ProducTs INTerNaTIoNal 15
business & market news
Tecumseh to be acquired by affiliate
of Mueller and Atlas
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
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,
launching new products and enhancing
customer service levels.
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
Mueller Industries, Inc – USA
atlas Holdings llc – USA
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