The transaction includes Scepter's manufacturing facilities, warehouses and offices in Scarborough, Ontario and Miami, Oklahoma. Additional terms of the agreement, which is expected to close within approximately 30 days, were not disclosed.
"The addition of Scepter is anticipated to provide Myers Industries with the opportunity to 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,' said John C. Orr, Myers Industries, President and Chief Executive Officer.
Scepter's in-house product engineering and state-of-the-art mold capabilities are expected to complement Myers Industries' material handling segment in North America, increases its global reach, and support the company's long-term strategic growth plan.
Myers Industries, a diversified, international manufacturer of plastic and rubber products with 2013 revenues of approximately US$825 million, operates under four segments: material handling, lawn and garden, engineered products and distribution.
Scepter is an industry-leading manufacturer of molded plastic material handling products for marine, military, industrial, and consumer markets. Operating within
Myers Industries material handling segment, Scepter will maintain its brand identity and continue to operate as an autonomous business unit. All current management and staff remain in place, and day-to-day operations remain unchanged.