Plastics processor Myers Industries buys composite mat maker Signature Systems
Canadian Plastics
Canadian PlasticsThe $350-million deal adds a "complementary platform" for product maker Myers' continued growth.
Plastics product maker Myers Industries Inc. is acquiring Signature Systems Group LLC, a maker of composite mats and flooring, for US$350 million.
In a Jan. 2 news release, officials with Akron, Ohio-based Myers said the deal “bolsters [the firm’s] margin and profitability profile and provides an attractive platform for continued growth.”
The acquisition will deliver US$8 million in annualized operational and cost synergies by 2025, the release continued.
“Signature provides Myers an attractive complementary platform for long-term growth driven by worldwide investments in infrastructure over the next decade,” Myers CEO Mike McGaugh said.
Headquartered in Flower Mound, Tex., and with production facilities in Orlando, Fla., Signature manufactures and distributes branded composite ground protection products, and also makes turf protection solutions for stadiums and event venues in North America.
The transaction is expected to close in the first quarter of 2024.
Myers manufactures a wide range of polymer products for industrial, agricultural, automotive, commercial, and consumer markets.
