Myers Industries, Inc. (NYSE: MYE), acquired the assets of Trilogy Plastics, a custom rotational molder specializing in high quality, high tolerance parts and assemblies.
Myers financed the transaction with its revolving credit facility. The acquisition is the latest action taken as part of the “One Myers” long-term strategic plan, which is focused on transforming the company into a high-growth, customer-centric innovator of value-added engineered plastic solutions. The combination of Trilogy with Myers’ Ameri-Kart and Elkhart businesses will create one of the largest rotational molding manufacturers in the United States and will provide Myers’ customers with access to a more complete portfolio of diverse products.
Founded in 1987, Trilogy Plastics manufactures custom products for the industrial, consumer, lawn and garden, heavy truck, medical and other markets. The company will operate as a part of the rotational molding platform within Myers’ Material Handling Segment. Headquartered in Alliance, Ohio, Trilogy Plastics has two U.S. manufacturing facilities and employs approximately 265 people.
Trilogy’s annual revenues are approximately $35m, and the acquisition is expected to be slightly accretive to earnings in 2021. Myers expects the transaction to generate cost synergies of approximately three percent of sales. These cost synergies will stem primarily from supply chain optimization. In addition, the company expects to realize growth synergies due to the broader geographic footprint created by the combined rotational molding businesses.
Led by Mike McGaugh, President and CEO, Myers Industries is an Akron, Ohio-based manufacturer of a wide range of polymer products for industrial, agricultural, automotive, commercial and consumer markets. The company is also a distributor of tools, equipment and supplies for the tire, wheel, and under- vehicle service industry in the United States.