Myers Industries Completes Sale of Rubber Products Businesses
Myers Industries, Inc. announced that it has completed the sale of its Buckhorn Rubber Products, Inc. (BRP) and Michigan Rubber Products, Inc. (MRP) businesses to Zhongding Sealing Parts (USA), Inc., a subsidiary of China-based Zhongding Sealing Parts Co. Ltd. Part of Myers Industries’ Automotive and Custom Segment, BRP of Hannibal, Missouri, and MRP of Cadillac, Michigan, provide engineering and manufacturing of rubber original equipment parts for automotive, heavy truck, agriculture and construction markets. Final net proceeds from the sale were approximately $10.0 million.
The transaction follows Myers Industries’ earlier announcement that it is reviewing options, “from further internal restructuring to the potential sale of businesses,” to better align its Automotive and Custom Segment with the Company’s long-term performance and growth strategies. Remaining businesses in the segment include Ameri-Kart and WEK Industries, both custom plastic molders, and Patch Rubber Company, a manufacturer of rubber tire service products and custom rubber products.
Beginning with the 2009 third quarter financial reporting, the BRP and MRP businesses were reflected as discontinued operations for Myers Industries.
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