Tecumseh Products agrees to pay $7M in price-fixing settlement
Pittsfield Township-based Tecumseh Products Co., along with units of Benton Harbor-based Whirlpool Corp., as well as a division of a Danish parts-supplier, agreed Wednesday to a settlement in a price-fixing lawsuit. The settlement will cost Tecumseh approximately $7 million, according to a report in Crain’s Detroit Business.
Lizzy Alfs | AnnArbor.com
Crain’s reported the settlement totaled $41 million and must be approved by Judge Cox before it is implemented. Tecumseh’s portion represents 2.7 percent of the company’s sales between February 2005 and December 2008.
The company’s stock (NASDAQ: TECUA) began the year trading at $4.78 per share and rising quickly from mid-January until the end of February has held relatively steady at approximately $8.50 per share since early March.
Ben Freed covers business for AnnArbor.com. You can sign up here to receive Business Review updates every week. Reach out to Ben at 734-623-2528 or email him at email@example.com. Follow him on twitter @BFreedinA2