Wednesday, November 26, 2008

Coachmen RV Sale Price Estimated $42M

MIDDLEBURY – Rival RV manufacturer Forest River is offering $42 million in cash for Coachmen Industries’ recreational vehicle group.

The purchase price was included in Coachmen’s paperwork filed with the Security and Exchange Commission Monday.

Coachmen announced the purchase offer last week. The offer will have to be approved by the company’s shareholders. A shareholders meeting will be scheduled for mid- to late December.

Coachmen has been hit hard by the downturn in consumer spending. The combination of high fuel prices early this year and the tightening of the consumer credit market has pushed its sales dramatically downward.

The company’s net sales for the third quarter were $74.8 million, compared to $123.8 million in the same quarter in 2007. Coachmen lost $16.1 million in the quarter despite a $8.4 million drop in operating expenses. The company had a net loss of $24.9 million in the third quarter of 2007.
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