Ohio-based Myers Industries Inc. (NYSE: MYE) has acquired Elkhart Plastics Inc. in South Bend, one of the largest rotational molding companies in the country. Myers says the acquisition is part of its long-term plan to transform the company into a high-growth, customer-centric manufacturer of engineered plastic.
While financial details of the deal were not disclosed, Myers says Elkhart Plastics will operate as a new strategic business unit within its material handling segment.
“We are excited to welcome Elkhart, its president, Mr. Jack Welter, and the entire Elkhart team to the Myers family,” said Mike McGaugh, president of Myers Industries. “We recently launched our new, long-term strategic plan which, in the near term, is focused on strengthening the Company through organic growth initiatives, commercial and operational excellence, pursuing bolt-on acquisitions in plastics molding, and driving a high-performing culture. As a bolt-on acquisition within our existing technology space, Elkhart fits perfectly into this plan and helps us take a meaningful step toward our long-term vision.”
Combined with Myers’ Ameri-Kart business, the company says the acquisition will create the fifth-largest rotational molding business in the U.S. Myers says customers will also have access to a greater variety of products because of increased supply chain efficiencies.
Elkhart Plastics manufactures engineered products for the RV, marine, and agriculture industries. The company operates six U.S. manufacturing facilities and employs about 460 people.