- Myers Industries Inc MYE has acquired the assets of Mohawk Rubber Sales of New England Inc., an auto aftermarket distributor, for an undisclosed sum.
- Mohawk Rubber Sales has four strategically located distribution centers across the U.S. In 2021, Mohawk's revenues were $65 million.
- Mohawk will be integrated into Myers' Distribution segment. The company expects the deal to be accretive to earnings in 2023 and provide both growth and cost synergy opportunities.
- MYE financed the deal with its revolving credit facility. It held $17.6 million in cash and equivalents as of March 31, 2022.
- Price Action: MYE shares are trading higher by 2.77% at $24.46 on the last check Wednesday.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
Loading...
Benzinga simplifies the market for smarter investing
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
Join Now: Free!
Already a member?Sign in
