Using results of Drinfeld and Taguchi, we establish an equivalence of categories between the category of ``Drinfeld displays'' (objects to be introduced) and the category of $\pi$-divisible modules. We define tensor products of $\pi$-divisible modules and using the above equivalence, we prove that the tensor products of $\pi$-divisible modules over locally Noetherian base schemes exist and commute with base change. If time permits, we will show how this will provide tensor products of Lubin-Tate groups and formal Drinfeld modules.