AKRON, Ohio – (BUSINESS WIRE) – Myers Industries, Inc. (NYSE: MYE) announced today that it has acquired the assets of Trilogy Plastics and funded the transaction with its revolving credit facility. Trilogy Plastics is a world class custom rotary moulder specializing in high quality, high tolerance parts and assemblies. The acquisition is the latest move in the One Myers long-term strategic plan, which aims to transform the company into a high-growth, customer-focused innovator of value-adding engineering plastics solutions. This acquisition accelerates Horizon 1 of the long-term strategy, which focuses on value-adding add-on acquisitions.
“The addition of Trilogy to Myers’ rotational molding platform marks an important milestone in the further implementation of our ‘One Myers’ strategy, which we believe will provide additional growth and expansion opportunities for the company. Trilogy has a great track record of providing high-quality, well-tolerated products and first-class service, which makes it a great addition to the high-performance culture we are continually building at Myers, “said Mike McGaugh, President and CEO of Myers Industries. “This is our second acquisition in the last nine months and I am proud of our team that it has been implemented exceptionally well in the early stages 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 makes custom products for the industrial, consumer, lawn and garden, heavy truck, medical and other markets. Trilogy has established itself as an internationally recognized rotary moulder based in the USA, specializing in high-quality parts and assemblies with tight tolerances. The combination of Trilogy with the Ameri-Kart and Elkhart businesses of Myers will create one of the largest rotomoulded parts manufacturers in the United States and will give Myers customers access to a broader portfolio of diverse products.
“We chose to partner with Myers because of our shared strategic vision and culture,” said Stephen Osborn, Chairman of Trilogy Plastics. “The merger will allow us to continue our steady growth, improve our ability to support our customers and offer our team members more opportunities.”
Trilogy Plastics will operate as part of the rotational molding platform within Myers’ Material Handling segment. Trilogy is headquartered in Alliance, Ohio, has two manufacturing facilities in the United States, and employs approximately 265 people. Trilogy has annual sales of approximately $ 35 million and the acquisition is expected to be slightly profitable in 2021.
Myers expects the transaction to generate cost synergies of around three percent of sales. These cost synergies will mainly result from optimizing the supply chain. In addition, the company expects growth synergies from the wider geographic footprint created by the combined rotational molding businesses.
About Myers Industries
Myers Industries, Inc. is a leading manufacturer of a wide variety of polymer products for the industrial, agricultural, automotive, commercial and consumer markets. The company is also the largest distributor of tools, equipment, and supplies for the tire, wheel, and underbody service industries in the United States. Visit www.myersindustries.com to learn more.
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