Tecumseh Products released its annual financial results this afternoon, showing a net loss of $56.8 million on a 28 percent increase in sales, which reached $933.8 million.

That followed a net loss of $93.4 million in 2009 at the Pittsfield Township-based independent compression manufacturer that employs 7,300 across the globe.

It also follows more recent news that Jim Wainwright, president and CEO, is stepping down from his position in 90 days.

Wainwright and the company's board of directors reached the mutual decision, according to a news release. He's led the company since October 2009.

"Although we faced a number of challenges in 2010, we feel we've made progress. Our results reflect the continued improvements we have seen in our markets in 2010," said Jim Connor, chief financial officer, in the public filing.

"We believe that our continued investment in research and development is important as we seek to re-engineer our products to increase efficiency and performance, use more eco-friendly refrigerants and reduce costs, using alternative designs and materials. This re-engineering of our products is at the core of our strategy as we move into 2011 and beyond," he said.

Tecumseh Products bought a 50,000-square-foot office building near South State and Textile in Pittsfield Township in November 2010.

At the time, Wainwright told AnnArbor.com that the building would become the Tecumseh Technical Center, enhancing its R&D capabilities and replacing a 30-employee building in Tecumseh, Mich.

"It's a very big deal for us," Wainwright said at the time. "This is something we've been working on for over a year now."

The company employs 120 in Ann Arbor and 1,000 in the U.S. Its stock [Nasdaq: TECUA] traded at $10.63 per share at the close of business today.

Paula Gardner is Business News Director of AnnArbor.com. Contact her at 734-623-2586 or by e-mail. Sign up for the weekly Business Review newsletter, distributed every Thursday, here.