U.S.-based plastics products maker Myers Industries Inc. has completed its $157 million acquisition of Canada’s Scepter Corp. and Scepter Manufacturing LLC.
Toronto-based Scepter blow molds and injection molds plastic material handling products for various markets including marine, industrial, consumer, and the military.
The deal was announced last month, and also comprises warehouses, manufacturing facilities, and offices in Toronto and Miami, Okla.
Scepter generated net sales of about $100 million in 2013. According a Myers new release, the acquisition will result in about $2 million per year in material cost savings and plant efficiencies.
Scepter was founded in 1949 by Evald Torokvei, and began as a manufacturer of inflatable vinyl toys.