Myers Industries Expands Production With Acquisition of Rotational Molding Facility in Georgia

Rhea-AI Summary

Myers Industries, Inc. (NYSE: MYE) announced the acquisition of Step2 Co, LLC's rotational molding manufacturing assets located in Decatur, Indiana, enhancing its production capabilities.

This strategic move supports Myers' Material Handling Segment, allowing for increased capacity and service in the southern U.S. market.

CEO Mike McGaugh emphasized this acquisition as a key step in achieving their long-term growth strategy, marking the third investment in rotational molding within two years.

Positive

• Acquisition increases production capacity in rotational molding, supporting growth.
• Enhances market presence in southern U.S., benefiting existing and new customers.
• Part of a broader strategy focused on organic growth and strategic acquisitions.

Negative

• None.

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.

M-GU

View source version on businesswire.com: https://www.businesswire.com/news/home/20220512006013/en/

Monica Vinay

Vice President, Investor Relations & Treasurer

(330) 761-6212

Source: Myers Industries, Inc.

FAQ

What is Myers Industries' recent acquisition about?

Myers Industries acquired Step2 Co, LLC's rotational molding manufacturing assets in Decatur, Indiana to increase production capabilities.

How will this acquisition affect Myers Industries' growth?

The acquisition is expected to enhance production capacity, support customer service, and facilitate organic growth.

What is the strategic importance of the Decatur acquisition for MYE?

This acquisition strengthens Myers' position in the rotational molding market and supports their long-term growth strategy.