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Myers Industries Reviewing Strategic Options for Automotive and Custom Segment Businesses

Dépèche transmise le 4 mai 2009 par Business Wire

Myers Industries Reviewing Strategic Options for Automotive and Custom Segment Businesses

Myers Industries Reviewing Strategic Options for Automotive and Custom Segment Businesses

AKRON, Ohio--(BUSINESS WIRE)--Myers Industries, Inc. (NYSE: MYE) today announced that it is reviewing strategic options to better align certain businesses in its Automotive and Custom Segment with the Company’s long-term performance and growth strategies. The Company said that a wide range of options are under consideration, 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.

President and Chief Executive Officer John C. Orr, said, “We are clearly focused on taking advantage of every opportunity to optimize the Company’s overall performance and increase value for shareholders.”

With a focus on original equipment products, the four businesses benefit from deep engineering and advanced custom-molding capabilities to produce a diverse range of plastic and rubber products. Operations at these businesses will continue as usual during the Company’s review process. The Company will provide more details regarding potential initiatives once the review is finalized.

About Myers Industries

Myers Industries, Inc. is an international manufacturer of polymer products for industrial, agricultural, automotive, commercial and consumer markets. The Company is also the largest wholesale distributor of tools, equipment and supplies for the tire, wheel and undervehicle service industry in the U.S. The Company reported 2008 net sales of $867.8 million. Visit www.myersind.com to learn more.

Caution on Forward-Looking Statements: Statements in this release may include “forward-looking” statements within the meaning of the Private Securities Litigation Reform Act of 1995. Any statement that is not of historical fact may be deemed "forward-looking." Words such as “expect,” “believe,” “project,” “plan,” “anticipate,” “intend,” “objective,” “goal,” “view,” and similar expressions identify forward-looking statements. These statements are based on management’s current views and assumptions of future events and financial performance and involve a number of risks and uncertainties, many outside of the Company's control, that could cause actual results to materially differ from those expressed or implied. Risks and uncertainties include: changes in the markets for the Company’s business segments; changes in trends and demands in the markets in which the Company competes; unanticipated downturn in business relationships with customers or their purchases; competitive pressures on sales and pricing; raw material availability, increases in raw material costs, or other production costs; future economic and financial conditions in the United States and around the world; ability to weather the current economic downturn; inability of the Company to meet future capital requirements; claims, litigation and regulatory actions against the Company; changes in laws and regulations affecting the Company; the Company’s ability to execute the components of its Strategic Business Evolution process; and other risks as detailed in the Company’s 10-K and other reports filed with the Securities and Exchange Commission. Such reports are available from the Securities and Exchange Commission’s public reference facilities and its web site at http://www.sec.gov, and from the Company’s Investor Relations section of its web site, at http://www.myersindustries.com. Myers Industries undertakes no obligation to publicly update or revise any forward-looking statements contained herein. These statements speak only as of the date made.

Business Wire

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