<PAGE>

                                                                    EXHIBIT 10.2

ALLIED PRODUCTS CORPORATION
10 South Riverside Plaza - Chicago, Illinois 60606 - Direct (312) 441-5221 -
Fax (312) 464-1511

RICHARD A. DREXLER
Chairman, President
and Chief Executive Officer

                                               March 23, 2000

Mr. William Crown
CC Industries, Inc.
222 North LaSalle Street, Suite 1000
Chicago, IL 60601

Dear Bill:

      This will confirm our telephone conversation of yesterday. We have
jointly agreed that Allied will sell, and Bush Hog Investors and/or its
affiliates will purchase, Allied's 19.9% membership interest in Bush Hog, L.L.C.
effective on or before June 30, 2000 (the actual date herein in "Closing Date")
for a purchase price equal to $31,426,134 adjusted as follows: (i) plus (or
minus) 19.9% of the net amount received by (or paid) by Allied pursuant to
Section 1.5(a)(iv)(D) of the Limited Liability Interest Purchase and
Contribution Agreement dated October 21, 1999 between Allied Products
Corporation, Bush Hog, L.L.C. and Bush Hog Investors, L.L.C., as amended,
("Purchase Agreement"), (ii) plus 19.9% of the cash of Bush Hog, L.L.C. on the
Closing Date, (iii) minus 19.9% of the bank debt of Bush Hog, L.L.C. as of the
Closing Date, (iv) plus (or minus) the increase (or decrease) in the Closing
Date Adjusted Working Capital, as defined below, over the Final Adjusted Working
Capital under the Purchase Agreement, (v) plus 19.9% of any increase in the
Closing Date Adjusted Net Tangible Investment, as defined below, over the Final
Adjusted Net Tangible Investment under the Purchase Agreement, and (vi) minus
19.9% of any increase in the Closing Date Long Term Liabilities, as defined
below, over the Final Long Term Liabilities, as defined in the Purchase
Agreement and (vii) minus any distributions of Distributable Cash to Allied
after March 8, 2000 pursuant to the Operating Agreement, as defined below. The
purchase and sale will be consummated as provided in Section 7 of the Limited
Liability Company Agreement of Bush Hog, L.L.C. by and between Allied, Bush Hog
Investors and Bush Hog, L.L.C. ("Operating Agreement".

      The Closing Date Adjustment Working Capital, Closing Date Net Tangible
Investment and Closing Date Long Term Liabilities shall be determined in the
same manner as the Final Adjusted Working Capital, Final Adjusted Net Tangible
Investment and Final Long Term Cash __________ under the Purchase Agreement.

<PAGE>

Mr. William Crown
March 23, 2000
Page 2


      Please acknowledge our agreement by signing on the space indicated below.

                                       Sincerely yours,
                                       Allied Products Corporation


                                                          /S/ Richard A. Drexler
                                       -----------------------------------------
                                       By: Richard A. Drexler, President & CEO

We agree to purchase or to cause an affiliate to
purchase Allied's membership interest in
Bush Hog, L.L.C. pursuant to the terms outlined
in this letter.

Bush Hog Investors, L.L.C.

By: Henry Crown & Company (Not Inc.)


By: /S/ Richard C. Goodman
    ----------------------
    Partner