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TECUMSEH PRODUCTS CO. ANNOUNCES PROPOSAL TO ESTABLISH NEW CLASS OF NON-VOTING COMMON STOCK

 TECUMSEH PRODUCTS CO. ANNOUNCES PROPOSAL TO ESTABLISH NEW CLASS
 OF NON-VOTING COMMON STOCK
 TECUMSEH, Mich., Feb. 26 /PRNewswire/ -- Tecumseh Products Company (NASDAQ-NMS: TECU) announced that its board of directors will recommend to the shareholders for adoption at the annual meeting to be held April 22, 1992, a recapitalization plan which would establish two classes of common stock, including a new class of non-voting stock.
 Under the plan, each share of existing common stock at $1 par value would be reclassified as one share of Class B common stock having one vote per share. The board expects that thereafter, one share of Class A non-voting common stock would be distributed as a non-taxable dividend for each share of Class B common stock. As a result of these actions, after the reclassification and dividend, a holder of 100 shares of existing common stock would own 100 shares of Class A non-voting common stock and 100 shares of Class B voting common stock. All shareholders would therefore be in the same relative voting and equity ownership positions immediately after implementation of the plan as they were before.
 The new classes of stock will have substantially identical rights including dividend rights except that the Class A common stock will be non-voting and a special provision will require persons acquiring specified percentages of the voting shares to acquire the same percentage of the non-voting shares.
 Steps will be taken so that shares of both Class A and Class B common stock my trade on the NASDAQ National Market System.
 This plan requires the approval of an amendment to the company's Restated Articles of Incorporation. The board established March 10, 1992, as the record date for determining shareholders entitled to vote at the annual meeting to be held April 22, 1992, at which the plan will be considered.
 -0- 2/26/92
 /CONTACT: John H. Foss of Tecumseh Products Company, 517-423-8417/
 (TECU) CO: Tecumseh Products Company ST: Michigan IN: SU:


DH -- DE015 -- 2875 02/26/92 14:30 EST
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Publication:PR Newswire
Date:Feb 26, 1992
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