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Myers Industries Inc. (NYSE: MYE), Akron, OH, announced it has completed the sale of WEK Industries Inc. to Industrial Opportunity Partners, owners of Toledo Molding and Die Inc. for approximately $19.5 million.
“The transaction allows WEK Industries to become part of Industrial Opportunity Partners portfolio of custom businesses and better positions the business for growth," said John Orr, president and CEO of Myers.
WEK Industries had annual net sales of approximately $36 million in 2013. The majority of WEK Industries sales are driven by custom blow molded plastic parts for the automotive industry.
Myers also agreed to buy Scepter Corp. and Scepter Manufacturing LLC. The proceeds from the sale of WEK will be applied to the debt that will be incurred in the acquisition of Scepter, a manufacturer of molded plastic material handling products for the consumer, marine, military and industrial markets.
“We are focused on streamlining our business portfolio by expanding our leadership position in our material handling segment and maintaining our strong market position in our distribution segment.”
In light of recent transactions, Myers announced a reporting segment realignment to reduce the reportable segments from four to two. Starting with the second quarter, Myers will report its underlying earnings in two reportable segments: material handling and distribution.
“Today’s announcement of the segment realignment reflects our commitment to grow our returnable packaging, specialty molding and storage and safety products within the material handling segment,” said Orr. “It also presents the opportunity to grow our distribution segment through continued focus on providing the best products for tire repair and retread, and under-vehicle repair in a global marketplace.”