Myers Industries manufactures a host of plastic and rubber products, from flower pots to tires, through three operating segments. Its largest segment, material handling, includes plastic and reusable containers and pallets, storage bins, and wire shelving systems. The lawn and garden segment covers plastic flower pots, hanging baskets, and planters and the engineered products segment includes tire repair products, plastic HVAC components, and highway marking tape. The company also distributes products such as hand tools, alignment and balancing equipment, and tire valves to tire dealers and service centers through Myers Tire Supply.
In 2011 Myers reported its second consecutive year of revenue growth after seeing sales fall nearly 14% in 2009 as the economy suffered. Revenue hit $756 million in 2011, up just over 2%, with three of four segments showing improvement. The company benefitted from higher selling prices across all segments, as well as increased demand in the recreation vehicle, marine, and contract manufacturing markets, which drove engineered products segment sales up 11%. The lawn and garden segment fell nearly 3% as the weak 2011 growing season depressed sales.
Net income jumped more than 150% to about $25 million as improved product pricing led to higher gross profit margins.
Mergers and Acquisitions
As the US economy began showing sporadic signs of recovery, the company ventured into the world of acquisitions. In mid-2010 it purchased the technology assets of Enviro-Fill, a developer of a fuel overfill prevention system and fuel vapor capture system (for marine applications) that will meet emission control requirements set by the US Environmental Protection Agency (EPA). In 2012 Myers strengthened its material handling segment with two purchases: Brazilian plastic shipping and storage crates maker Plasticos Novel and Illinois-based Jamco Products, which manufactures heavy-duty steel carts and safety cabinets.
GAMCO Investors owns about 16% of Myers; T. Rowe Price, 9%.