Myers Industries, Inc. (Akron, Ohio) announced that it has completed the previously announced sale of its European Material Handling Segment businesses to UK-based LINPAC Materials Handling (LMH). Myers Industries' European Segment is comprised of the Allibert-Buckhorn and raaco brands, which are manufacturers of returnable plastic containers, pallets, and storage systems. Final net proceeds from the sale were $96.4 million, which will be used to reduce debt incurred from Myers' recent purchase of ITML Horticultural Products, Inc.
The transaction is consistent with Myers Industries’ intention to divest non-strategic operations and reinvest in key business segments to strengthen its brands and product portfolio. The European Material Handling Segment contributed approximately $167 million of revenue and $8.3 million of income before taxes in 2005. Beginning with the third quarter, the Segment is reported as discontinued operations for Myers Industries’ 2006 financial reporting.
Myers Industries’ President and Chief Executive Officer John C. Orr said, "Completing this sale is yet another stride in the progress of our strategic business evolution, as we focus on strengthening our industry-leading brands and multiple growth platforms in our Lawn and Garden, North American Material Handling, Distribution, and Automotive and Custom Segments.
Source: Myers Industries
