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Tecumseh Sells Little Giant
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Tecumseh Products(TECUB Quote) agreed to sell its Little Giant Pump unit to Franklin Electric(FELE Quote) for $121 million.
After taking tax benefits into account, the purchase price is one times Little Giant's 2005 fiscal year sales, Franklin Electric said, adding that it expects the transaction to be accretive to its earnings per share in the first year of ownership.
Tecumseh will use proceeds to cut debt. Little Giant represents about 90% of the company's pump business segment, it said. ...
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