Benzinga | Aug 2, 2021 11:24AM EDT

Myers Acquires Trilogy Plastics For Undisclosed Sum

* Myers Industries Inc (NYSE:MYE) has acquired the assets of Trilogy Plastics, a U.S.-based rotational molder, for an undisclosed sum.

* The acquisition is a part of the "One Myers" long-term strategic plan and accelerates Horizon 1 of the strategy focused on value-added bolt-on acquisitions.

* Trilogy Plastics will operate as a part of the rotational molding platform within Myers' Material Handling Segment.

* The Alliance, Ohio-based Trilogy has two U.S. manufacturing facilities and employs approximately 265 people. It had annual revenues of about $35 million.

* Myers expects the acquisition to be slightly accretive to earnings in FY21 and to generate cost synergies of approximately three percent of sales.

* "Trilogy has an outstanding record of providing its customers high quality, high tolerance products and superior service making it an excellent addition to the high-performance culture we are continually building at Myers," said President and CEO Mike McGaugh.

* Myers plans to finance the deal through its revolving credit facility. It held $16.7 million in cash and equivalents as of March 31, 2021.

* Price action: MYE shares are trading higher by 0.52% at $21.29 on the last check Monday.