Myers Industries Announces Price Increase

Rhea-AI Summary

Myers Industries, Inc. (NYSE: MYE) announced an 8% price increase effective March 1, 2021, across most of its product portfolio. This decision comes as a response to rapidly increasing raw material costs, particularly resin. Key brands affected by this price adjustment include Akro-Mils, Ameri-Kart, Buckhorn, Elkhart Plastics, Jamco Products, Patch Rubber Company, and Scepter.

Myers Industries is a major manufacturer of polymer products and a leader in the distribution of tools and supplies for the tire service industry in the U.S.

Positive

• None.

Negative

• 8% price increase may lead to decreased demand if customers seek cheaper alternatives.
• Price increase due to rising raw material costs signals potential ongoing inflationary pressures.

Myers Industries, Inc. (NYSE: MYE), a manufacturer of polymer products and distributor for the tire, wheel, and under-vehicle service industry, today announced an 8% price increase effective March 1, 2021 across a majority of its portfolio of products, including those sold by Akro-Mils, Ameri-Kart, Buckhorn, Elkhart Plastics, Jamco Products, Patch Rubber Company, and Scepter. The price increase is in response to rapidly rising raw material costs, primarily resin.

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/20210224005216/en/

FAQ

When will Myers Industries implement the price increase?

The price increase will take effect on March 1, 2021.

What is the reason for Myers Industries' price increase?

The price increase is due to rapidly rising raw material costs, primarily resin.

Which products will see a price increase from Myers Industries?

Most products across the portfolio, including those from Akro-Mils, Ameri-Kart, and others.

What impact might the price increase have on MYE stock?

The price increase could impact demand negatively, potentially affecting MYE stock performance.