Myers Industries Strengthens Its Distribution Segment - Read How

  • 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.
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