Myers to close 1 Canadian and 2 U.S. facilities
Canadian PlasticsCanadian Plastics
Akron, Ohio-based Myers Industries, Inc. has announced that it has received Board of Directors approval to consolid...
Akron, Ohio-based Myers Industries, Inc. has announced that it has received Board of Directors approval to consolidate production facilities in its Lawn and Garden and North American Material Handling segments.
The consolidation is part of the company’s initiatives to balance capacity and strengthen competitiveness.
The company will close the Kord products plants in Brampton, Ont. and Lugoff, S.C. The facilities were part of Myers’s US$110.1 million acquisition of ITML Horticultural Products, Inc., and produce nursery containers, specialty retail horticultural products, and custom plastic products.
The Canadian plant employs 170 people, and the South Carolina facility employs 72 people. Both facilities are expected to close by the end of 2007.
The company also announced its plans to close a North American Material Handling segment facility in Dawson Springs, Kentucky. The injection molding plant produces nursery containers, specialty retail horticultural products and custom plastic products, and will also close before the end of 2007.
Myers said that it expects to incur total costs of approximately US$8.4 million before tax in connection with the consolidation.
Private equity firm Goldman Sachs Group Inc. agreed to acquire Myers for US$1.07 billion in April 2007.