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A Northeast Ohio polymer products manufacturer has acquired one of the U.S.’s leading rotational molding companies.
Akron-based Myers Industries paid $62.5 million in cash for Elkhart Plastics, according to the Cleveland Business Journal. Elkhart, headquartered in South Bend, Indiana, with six U.S. manufacturing facilities and some 460 employees, will operate as a new business unit within Myers’ material handling segment.
The newly acquired company makes engineered products serving the truck, construction, agriculture, marine, and recreational vehicle markets.
Myers officials said in an announcement that the deal is part of a new long-term strategic plan for value-added engineered plastics. Elkhart and Myers’ Ameri-Kart subsidiary will create the nation’s fifth-largest rotational molding business.
The deal is expected to create up to $6 million in cost synergies — largely in the first two years — due to operational initiatives and supply chain optimization. The combined company will also feature a broader geographic footprint.
Myers produces polymer products for the industrial, automotive, agriculture, and consumer markets, as well as distributes tools and equipment to the tire, wheel, and under-vehicle service sector.
“Elkhart has a stellar reputation of providing superior service and quality products to its customers, and we look forward to adding it to Myers’ already strong portfolio of brands,” Myers President and CEO Mike McGaugh said in the statement.
Image Credit: Courtesy of Akro-Mils, a Myers Industries brand.
