Myers Industries, Inc., Akron, OH, has agreed to sell its European Material Handling Group to the UK-based LINPAC Materials Handling (LMH).
Myers Industries European Material Handling Group is comprised of the Allibert-Buckhorn and raaco brands, which are manufacturers of returnable plastic containers, pallets, and storage systems used across many industries.
John C. Orr, Myers Industries’ president and CEO, said, ‘While the European businesses no longer fit with Myers’ long-term strategic direction, each of the operations and the talented people employed by them provide great potential under new ownership by LMH.’
The intended sale is consistent with Myers Industries’ strategy to divest non-strategic operations, reinvesting in key business segments, and reducing debt. Investments are expected to be in the form of strategic acquisitions, streamlining activities, and upgrading technologies.
‘We will certainly remain focused on strengthening our industry-leading brands and resources in the North American Material Handling Group, ‘ Orr continued. ‘This intended transaction and other initiatives will further position Myers Industries for sustainable, profitable growth. id=bwanpa12>’
Myers Industries, Inc. is a manufacturer of polymer products for industrial, agricultural, automotive, commercial, and consumer markets. The company is also a wholesale distributor of tools, equipment, and supplies for the tire, wheel, and undervehicle service industry in the U.S. The company reported sales of $903.7 million in 2005.
