MascoTech Inc., parent of RV towing systems suppliers Reese and Draw-Tite, reported its third quarter earnings declined 12% on sales that were down 1%.
Specifically, the company earned $17.9 million during the three months ended Sept. 30 on sales of $393.8 million.
The Taylor, Mich.-based company blamed lower foreign currencies values for its lower sales.
During the nine months ended Sept. 30, MascoTech’s earnings were essentially flat at $69.9 million on sales of $1.30 billion.
MascoTech, a New York Stock Exchange-listed company, is scheduled to be taken private on Nov. 28. That is the date for a shareholders vote on whether to sell the company for more than $2 billion to Heartland Industrial Partners LP.
The proposed deal calls for MascoTech stockholders to get $16.90 a share plus proceeds from the sale of the company’s Saturn Electronics & Engineering Inc. subsidiary.