Myers Industries, Inc. (NYSE: MYE) has acquired the assets of Elkhart Plastics, Inc. (EPI).
Myers is an international manufacturer of polymer products for industrial, agricultural, automotive, commercial, and consumer markets.
Myers recently launched a long-term strategic plan which, in the near term, is focused on strengthening the company through organic growth initiatives, commercial and operational excellence, pursuing bolt-on acquisitions in plastics molding, and driving a high-performing culture.
EPI fits perfectly into this plan and will operate as a new strategic business unit within Myers’ Material Handling Segment. As part of the transition, EPI will join forces with Myers’ Ameri-Kart business to create the fifth largest rotomolding business in the U.S. The combined business will provide customers with access to a more complete portfolio of diverse products supported by increased supply-chain efficiencies.
EPI’s management team will stay in place, and the combination with Myers will bring opportunities for EPI customers, employees, and stakeholders.
“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.”
“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.”
Read the full press release here.
About Elkhart Plastics
Elkhart Plastics, Inc. is a 32-year-old company that creates rotationally molded products in an almost endless variety of shapes, lengths, and thicknesses. The company provides custom designs for clients in industries including recreational vehicles, marine, agriculture, commercial construction equipment, heavy truck equipment, material handling, and more. Additionally, EPI manufactures TUFF Series IBCs, Connect-A-Dock, and KONG Coolers.