Myers Industries Announces Additional Price Increases

Rhea-AI Summary

Myers Industries (NYSE: MYE) has announced a price increase of 9% to 12% on most products in its Material Handling Segment, effective April 1, 2021. This follows a prior increase of 8% on March 1, 2021, due to rising raw material costs, particularly for resin and steel. The price adjustments impact products sold by brands including Akro-Mils, Ameri-Kart, and Scepter, reflecting ongoing challenges in raw material procurement.

Positive

• None.

Negative

• The price increases may lead to reduced demand for products due to higher costs for consumers.
• The continuous rise in raw material costs could pressure profit margins if not managed effectively.

Myers Industries, Inc. (NYSE: MYE), a manufacturer of polymer products and distributor for the tire, wheel, and under-vehicle service industry, today announced additional price increases ranging between 9% and 12% effective April 1, 2021. The increases will be implemented across most of the Company’s portfolio of products in the Material Handling Segment, including those sold by Akro-Mils, Ameri-Kart, Buckhorn, Elkhart Plastics, Jamco Products, and Scepter. The price increases are in response to continued increases in raw material costs, primarily resin and steel. The Company previously announced an 8% price increase effective March 1, 2021.

About Myers Industries
Myers Industries, Inc. is an international manufacturer of polymer 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.

View source version on businesswire.com: https://www.businesswire.com/news/home/20210322005191/en/

FAQ

What is the reason for Myers Industries' price increase on April 1, 2021?

Myers Industries is increasing prices due to continued rising costs of raw materials, mainly resin and steel.

What products are affected by the price increase at Myers Industries?

The price increase affects most products in the Material Handling Segment, including those from brands like Akro-Mils and Ameri-Kart.

When did Myers Industries announce its previous price increase?

Myers Industries announced an 8% price increase effective March 1, 2021.

What is the range of the new price increases announced by Myers Industries?

The new price increases announced range between 9% and 12%.