AKRON (May 5, 2009) — Myers Industries Inc. said it's reviewing what it termed “strategic options,” including a possible sale, of certain businesses within its Automotive and Custom Segment.
The Akron-based diversified manufacturing and distribution company said the options range from further internal restructuring to the potential sale of four businesses in the segment—Ameri-Kart, Buckhorn Rubber Products, Michigan Rubber Products and WEK Industries.
“We are clearly focused on taking advantage of every opportunity to optimize the company's overall performance and increase value for shareholders,” Myers president and CEO John Orr said in a statement.
The four businesses produce a diverse range of plastic and rubber products. Myers said the operations at these businesses will continue as usual during the company's review process. The company said it will provide more details regarding potential initiatives once its review is finalized.
The firm, which includes Myers Tire Supply, recently reported that it suffered a 40-percent drop in net income on 23.7 percent lower sales during the first quarter as its customers pared inventories.