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Myers Industries will sell off Lawn & Garden and acquire Scepter Corp.
Polymer products maker Myers Industries, Inc. (Akron, OH) has started the process of selling off its Lawn & Garden Segment even as it acquires Scepter Corp. and significantly expands its Material Handling Segment.The Lawn & Garden business sells under several brand names.
Tim Somheil
June 11, 2014
2 Min Read
.svg?width=850&auto=webp&quality=95&format=jpg&disable=upscale "Myers Industries will sell off Lawn & Garden and acquire Scepter Corp.")
The Dillen and ITML brand markets to professional growers. Products include co-extruded thermoformed pots, hanging baskets, nursery containers, and injection and vacuum flats and trays.
The Pro Cal brand sells injection-molded, blow-molded, and pressure-formed nursery containers and carrying trays.
The Listo brand sells decorative resin planters designed to provide the look and feel of clay pottery along with the durability and lighter weight advantages of resin.
The Akro-Mils Lawn & Garden brand sells decorative baskets, window boxes, and indoor/outdoor planters.
The Planters' Pride brand offers environmentally friendly grower kits and accessories, including seed starting kits and transplant pots and trays.
Myers has determined that selling Lawn & Garden will help it streamline its business mix and allow it to focus resources on core growth business areas. It expects the sale to be complete within a year. President and CEO John C. Orr said the company feels the Lawn & Garden segment will have better growth opportunities as part of a company that is focused on its primary markets. Myers will report the Lawn & Garden Segment as discontinued operations in future filings.
Myers also agreed to acquire Scepter Corporation and Scepter Manufacturing, LLC for $165.0 million. Scepter is a manufacturer of molded plastic material handling products for marine, military, industrial, and consumer markets. Scepter had 2013 net sales of about $100 million.
Based on 2013 results, and with the addition of Scepter, Myers’ Material Handling Segment’s sales are expected to increase 30%.
Orr said that adding Scepter will, "Expand upon our leadership position in the Material Handling Segment, broaden our product offering and better position us for long-term growth in new markets.”
The acquisition includes Scepter's plants, warehouses, and offices in Scarborough, ON, and Miami, OK. The deal is expected to close about the end of June 2014.
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