Myers Acquires Trilogy Plastics For Undisclosed Sum

Myers Industries Inc 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.