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Cincinnati, Ohio - June 26, 2003 Cincinnati, Ohio - June 26, 2003. Pollution Risk Services (PRS) announced today that they have signed a $39.2 million PRS - Clean Break contract with the Tecumseh Products Company, (Sheboygan Falls Diecasting Facility) who has announced their intentions of closing this facility on or before September 30, 2003.
In addition to improving the Engine & Power Train Group's cost structure by consolidating its North American engine production facilities, the closure of the Sheboygan Falls plant will facilitate the environmental cleanup recently negotiated with the U.S. EPA. As disclosed in the Company's 8-K, dated April 9, 2003, the Company has entered into a Liability Transfer and Assumption Agreement with Pollution Risk Services, LLC for the fulfillment of substantially all of the Company's obligations with respect to the Sheboygan Falls Superfund Site.
The PRS - Clean Break Program allows responsible parties to transfer liabilities associated with environmental conditions to PRS for a single lump sum payment. PRS assumes all environmental liabilities associated with the site and supports the agreement with a policy of insurance.
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