AKRON (July 15, 2004) – Myers Industries Inc. has notified the U.S. Department of Justice and Securities and Exchange Commission its tire products distribution business may have violated U.S. and foreign laws in the way it conducted business internationally.
Myers said the business practices in question were discovered through its own internal investigation and “involved a limited number of customers, related to the invoicing of certain international sales, and to sales made to customers in certain international jurisdictions.” These business practices were terminated immediately upon their discovery by the company's investigation, Myers said.
The company said it believes the practices in question had no effect on previously filed financial statements, and that the final findings from the investigation will not lead to any restatement of reported financial results.
The investigation, which is not yet completed, is being conducted by outside counsel under the authority of the board of directors' audit committee.
Myers distribution business operates 39 U.S. and five international branches, selling items such as tire valves and accessories, impact wrenches, tire changing and balancing equipment, lifts and alignment service equipment and accessories and tire repair/retread equipment and supplies.
The distribution business accounted for 23 percent of Myers' $661.1 million sales in 2003.