For Tecumseh Products Company (NASDAQ:TECU), there is no better way to improve performance and make shareholders happy than exploring new markets. The company has no doubt it has great products to offer. However, its geographical presence needs to expand so that it can tap more revenue and become profitable. That explains why the company recently moved to install a new team to drive its growth agenda in Brazil and Latin America.
This month, Tecumseh Products Company (NASDAQ:TECU) appointed two insiders to lead its geographical expansion in the Latin American region. The company tapped José Celso Lunardeli Furchi, who has worked with the company since 1994, to be its VP of Sales for Latin America. Furchi served in various capacities in the company including disciplines such as marketing and engineering.
Also, Tecumseh Products Company (NASDAQ:TECU) promoted Homero Cremm Busnelo to the position of marketing director for the Latin American region. Busnelo has worked with the company since 1999 in positions such as business unit and global product manager. He has also served in technical and marketing roles in the company.
Furchi and Busnelo have great insight of Tecumseh Products Company (NASDAQ:TECU)’s products, and their leadership is expected to support rapid growth in the targeted regions.
As such, settling on the insiders to drive growth in Latin America indicates that the company desires to have people who understand its products to lead its operations in the regions. Besides handling all the sales and marketing projects in Latin America, the new team is expected to lead customer support, especially with regards to energy efficiency changes in the regions.
On November 4, Tecumseh Products Company (NASDAQ:TECU)’s CEO said that the global cost structure was hurting the business. He further stated that lower product volumes were responsible for their weak bottom line in the most recent quarter. However, he remained hopeful that the company had a bright future if only they could adjust to address the unfavorable business conditions.
Tecumseh Products Company (NASDAQ:TECU) generated revenue of $188.30 million, which was down 3.1% compared with the same quarter a year earlier. The company posted a net loss of $3.8 million, which improved from $5.7 million in the previous year. Tecumseh concluded the latest quarter, 3Q, with $34.40 million in the treasury.