Howland-based company closing 2 plants

HOWLAND — Stoneridge, a maker of wiring products for vehicles, said it is closing two plants as it reported lower third-quarter earnings.

The Howland-based company said it is closing operations in Sarasota, Fla., and Mitcheldean, England. Stoneridge didn’t say how many people would be affected but said the closings would make the company more efficient.

Stoneridge said the restructuring would result in accounting charges against earnings of between $9 million and $13 million. The closings, however, will create annual cost savings of between $8 million and $12 million by 2009.

Stoneridge earned $2.6 million, or 11 cents a share, in the third quarter, compared with $4.4 million, or 19 cents a share, in the same quarter last year. The year-ago quarter included a $1.2 million, one-time gain related to a benefit plan settlement.

Sales in the third quarter were $172.8 million, which was $400,000 more than the same quarter last year.

Stoneridge said it was helped by foreign currency rates but hurt by lower truck production in North America.

Stoneridge said it expects its earnings for the year to be between 45 cents and 55 cents a share.

The company employs 6,000 workers on four continents, but nearly all of the employees are outside the Mahoning Valley. The company has its headquarters and an Alphabet Co. plant in Trumbull County.