Myers Commences Sale of Lawn and Garden Segment - Tire Review Magazine

Myers Commences Sale of Lawn and Garden Segment

Myers Industries Inc. has engaged the investment bank William Blair & Co. to commence the sale of its lawn and garden segment. The decision was made by the company to streamline Myers’ business mix and allow it to focus resources on its core growth platforms. The company expects the sale process to be completed within the next 12 months. Myers Logo2 CMYK [Converted]

“After detailed evaluation, the company and the board of directors have determined that the lawn and garden segment has the greatest opportunity as part of an organization that is strategically focused on its primary markets for future growth,” said John C. Orr, president and CEO of Myers Industries.

The company also announced it has entered into a definitive agreement to acquire Scepter Corp. and Scepter Manufacturing, LLC. The purchase includes manufacturing facilities, warehouses and offices in Scarborough, Ontario and Miami, Oklahoma. The purchase price is $165.0 million, subject to certain closing adjustments. The company anticipates that the acquisition will close within approximately 30 days, pending all conditions precedent to closing are satisfied.

Scepter manufactures molded plastic material handling products for marine, military, industrial and consumer markets.

“The addition of Scepter is anticipated to provide Myers Industries with the opportunity to expand upon our leadership position in the material handling segment, broaden our product offering and better position us for long-term growth in new markets,” stated Orr.

Myers has amended its senior secured revolving credit facility from $200 million to $300 million to help fund the acquisition. The term of the senior credit facility remains unchanged and is scheduled to expire in December 2018, said the company. According to Myers, the proceeds from the future sale of the lawn and garden segment will be used to pay down debt.

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