Myers Industries Inc. (NYSE: MYE), Akron, Ohio, a manufacturer of polymer products and a distributor for the tire, wheel and under-vehicle service industry, on Tuesday announced the acquisition of Elkhart Plastics Inc., a rotational molding company. Financial terms of the deal weren’t disclosed.
Myers said the acquisition is the latest action in its “recently announced long-term strategic plan to transform the company into a high-growth, customer-centric innovator of value-added engineered plastic solutions.”
Founded in 1988, Elkhart manufactures engineered products for the recreational vehicle, marine, agriculture, construction, truck and other industries.
“We are excited to welcome Elkhart, its president, Mr. Jack Welter, and the entire Elkhart team to the Myers family,” said Mike McGaugh, president and CEO of Myers Industries. “Elkhart has a stellar reputation of providing superior service and quality products to its customers, and we look forward to adding it to Myers’ already strong portfolio of brands.”
Elkhart will operate as a new strategic business unit within Myers’ Material Handling Segment. Headquartered in South Bend, Indiana, Elkhart has six U.S. manufacturing facilities and employs approximately 460 people. In 2019, Elkhart’s revenues were approximately $100 million, and its adjusted EBITDA margin was approximately 9%.
“We are proud of Elkhart’s long history as a leader in the roto-molding industry, and we look forward to the new opportunities the combination with Myers will bring for our customers, employees and all of our stakeholders,” said Jack Welter, president and CEO of Elkhart Plastics. “We are a good cultural fit with Myers, and we expect a smooth and successful integration of our organizations.”