Investment further expands and strengthens Myers’ rotational molding capabilities
AKRON, Ohio–(BUSINESS WIRE)–Myers Industries, Inc. (NYSE: MYE) today announced that it is increasing its production capacities through the acquisition of the Decatur-based rotational molding manufacturing assets of Step2 Co, LLC for an undisclosed sum.
This investment comes as Myers continues to expand its rotational molding capabilities across the United States. Myers’ Material Handling Segment utilizes rotational molding to provide high-quality, durable products to a broad range of end-markets including outdoor recreation, construction, vehicle, and industrial applications. The 41,000 square foot Georgia facility adds production capacity to support both new and existing customers in the southern United States.
“The addition of this Decatur rotational molding location represents another milestone in the execution of our long-term strategy that is unlocking additional growth and expansion opportunities to serve our customers,” said Mike McGaugh, President, and CEO of Myers Industries. “This marks our third meaningful investment in rotational molding in under two years and strengthens our position as a valuable partner for our rotational molding customers within our Material Handling Segment. We look forward to integrating this location into our Myers footprint and accelerating our organic growth efforts.”
This expansion demonstrates Myers’ commitment to growing its customer sales and service range while building a presence in new markets. This is the latest action taken as part of Horizon 1 of the Company’s 3-horizon strategy, which is focused on: Self-help, Organic Growth, and Bolt-on M&A. The expansion follows Myers acquisitions of Elkhart Plastics and Trilogy Plastics – further increasing Myers’ market-leading reach as a rotational molder serving a variety of niche markets.
About Myers Industries
Myers Industries, Inc. is a leading manufacturer of a wide range of polymer and metal products for industrial, agricultural, automotive, commercial and consumer markets. The Company is also the largest distributor of tools, equipment and supplies for the tire, wheel, and under-vehicle service industry in the U.S. Visit www.myersindustries.com to learn more.
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Contacts
Monica Vinay
Vice President, Investor Relations & Treasurer
(330) 761-6212
