TECUMSEH, Mich. — Tecumseh Products Co. said yesterday that it took an accounting devaluation of its European compressor operations by $29.5 million in the fourth quarter of 2003. The charge is equal to $1.60 a share.
The company, which manufactures components for makers of air conditioners, lawn mowers, and other products, said it took the action because of the declining value of the U.S. dollar against the European euro. The change increases the company's investment in the European subsidiary in dollar terms and reduces profits on dollar-denominated sales, officials said.
The company will announce earnings for the fourth quarter and full year on Jan. 29.
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