Myers Industries Acquires Trilogy Plastics
August 02 2021 - 7:00AM
Business Wire
Acquisition further expands and strengthens
Myers’ rotational molding platform
Provides Myers’ customers access to a more
complete portfolio of diverse products
Transaction accelerates Horizon 1 of the
Company’s long-term strategy
Myers Industries, Inc. (NYSE: MYE) today announced that it has
acquired the assets of Trilogy Plastics and financed the
transaction with its revolving credit facility. Trilogy Plastics is
a world-class custom rotational molder specializing in high
quality, high tolerance parts and assemblies. The acquisition is
the latest action taken as part of the “One Myers” long-term
strategic plan, which is focused on transforming the Company into a
high-growth, customer-centric innovator of value-added engineered
plastic solutions. This acquisition accelerates Horizon 1 of the
long-term strategy focused on value-added bolt-on acquisitions.
“The addition of Trilogy to Myers’ rotational molding platform
represents an important milestone in the continued execution of our
‘One Myers’ strategy that we believe will unlock additional growth
and expansion opportunities for the Company. Trilogy has an
outstanding record of providing its customers high quality, high
tolerance products and superior service making it an excellent
addition to the high-performance culture we are continually
building at Myers,” said Mike McGaugh, President and CEO of Myers
Industries. “This marks our second acquisition in the last nine
months, and I am proud of our team for executing exceptionally well
on the initial stage of our strategic vision. We look forward to
integrating the Trilogy business into the Myers family, and
continuing to grow organically and through additional
acquisitions.”
Founded in 1987, Trilogy Plastics manufactures custom products
for the industrial, consumer, lawn and garden, heavy truck, medical
and other markets. Trilogy has established itself as an
internationally recognized U.S. based rotational molder
specializing in high appearance, tight tolerance parts and
assemblies. The combination of Trilogy with Myers’ Ameri-Kart and
Elkhart businesses will create one of the largest rotational
molding manufacturers in the United States and will provide Myers’
customers with access to a more complete portfolio of diverse
products.
“We decided to partner with Myers because of our shared
strategic vision and corporate culture,” said Stephen Osborn,
Chairman of Trilogy Plastics. “The combination will allow us to
continue our steady growth, improve our ability to support our
customers and provide more opportunities to our team members.”
Trilogy Plastics will operate as a part of the rotational
molding platform within Myers’ Material Handling Segment.
Headquartered in Alliance, Ohio, Trilogy has two U.S. manufacturing
facilities and employs approximately 265 people. Trilogy’s annual
revenues are approximately $35 million, and the acquisition is
expected to be slightly accretive to earnings in 2021.
Myers expects the transaction to generate cost synergies of
approximately three percent of sales. These cost synergies will
stem primarily from supply chain optimization. In addition, the
Company expects to realize growth synergies due to the broader
geographic footprint created by the combined rotational molding
businesses.
About Myers Industries
Myers Industries, Inc. is a leading manufacturer of a wide range
of polymer 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 United States. Visit
www.myersindustries.com to learn more.
Caution on Forward-Looking
Statements
Statements in this release include “forward-looking” statements
within the meaning of the Private Securities Litigation Reform Act
of 1995. Any statement that is not of historical fact may be deemed
“forward-looking”. Words such as “will”, “expect”, “believe”,
“project”, “plan”, “anticipate”, “intend”, “objective”, “outlook”,
“target”, “goal”, “view” and similar expressions identify
forward-looking statements. These statements are based on
management's current views and assumptions of future events and
financial performance and involve a number of risks and
uncertainties, many outside of the Company's control that could
cause actual results to materially differ from those expressed or
implied. Risks and uncertainties include: impacts from the COVID-19
pandemic on our business, conditions, customers and capital
position; the impact of COVID-19 on local, national and global
economic conditions; the effects of various governmental responses
to the COVID-19 pandemic, raw material availability, increases in
raw material costs, or other production costs; risks associated
with our strategic growth initiatives or the failure to achieve the
anticipated benefits of such initiatives; unanticipated downturn in
business relationships with customers or their purchases;
competitive pressures on sales and pricing; changes in the markets
for the Company’s business segments; changes in trends and demands
in the markets in which the Company competes; operational problems
at our manufacturing facilities, or unexpected failures at those
facilities; future economic and financial conditions in the United
States and around the world; inability of the Company to meet
future capital requirements; claims, litigation and regulatory
actions against the Company; changes in laws and regulations
affecting the Company; impact of the U.S. elections impacts on the
regulatory landscape, capital markets, and responses to and
management of the COVID-19 pandemic including further economic
stimulus from the federal government; and other important factors
detailed previously and from time to time in the Company’s filings
with the Securities and Exchange Commission, including the
Company’s Annual Report on Form 10-K for the year ended December
31, 2020 and subsequent Quarterly Reports on Form 10-Q. Such
reports are available on the Securities and Exchange Commission's
public reference facilities and its website at www.sec.gov and on
the Company's Investor Relations section of its website at
www.myersindustries.com. Myers Industries undertakes no obligation
to publicly update or revise any forward-looking statements
contained herein. These statements speak only as of the date
made.
M-INV
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version on businesswire.com: https://www.businesswire.com/news/home/20210802005172/en/
Monica Vinay Vice President, Investor Relations & Treasurer
(330) 761-6212
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