Myers Industries Announces Price Increases

Rhea-AI Summary

Myers Industries, Inc. (NYSE: MYE) announced price increases effective April 18, 2022, affecting a majority of its Material Handling Segment products. This decision is primarily driven by record inflation and escalating costs in raw materials, freight, energy, fuel, labor, and corrugated packaging. The company's portfolio includes brands such as Akro-Mils and Scepter. The price hike aims to offset increased operational costs and maintain profitability amid challenging economic conditions.

Positive

• Price increases may improve revenue amidst rising operational costs.
• A diversified portfolio across various sectors can enhance market stability.

Negative

• The price increase might lead to reduced demand from cost-sensitive customers.
• Continued inflation could further escalate costs, impacting future pricing strategies.

AKRON, Ohio--(BUSINESS WIRE)-- Myers Industries, Inc. (NYSE: MYE), a manufacturer of polymer products and distributor for the tire, wheel, and under-vehicle service industry, today announced that the Company is implementing price increases effective April 18, 2022 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, Scepter, and Trilogy Plastics. The price increases are in response to this period of record inflation and rising raw material, freight, energy, fuel, labor, and corrugated costs.

About Myers Industries

Myers Industries, Inc. is a leading manufacturer of a wide range 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.

M-GU

View source version on businesswire.com: https://www.businesswire.com/news/home/20220321005150/en/

Monica Vinay

Vice President, Investor Relations & Treasurer

(330) 761-6212

Source: Myers Industries, Inc.

FAQ

What are the price increases announced by Myers Industries?

Myers Industries is implementing price increases across most products in its Material Handling Segment effective April 18, 2022.

Why is Myers Industries raising prices?

The price increases are a response to record inflation and rising costs in raw materials, freight, energy, fuel, labor, and corrugated packaging.

When will the price increases take effect for MYE products?

The price increases will be effective on April 18, 2022.

What brands are affected by Myers Industries' price increase?

Brands affected include Akro-Mils, Ameri-Kart, Buckhorn, Elkhart Plastics, Jamco Products, Scepter, and Trilogy Plastics.