AKRON (March 17)—Myers Industries Inc. has completed the acquisition of ATP Automotive Inc., comprised of Michigan Rubber Products Inc. and WEK Industries Inc., from Applied Tech Products to expand its automotive rubber and plastics niche product presence.
Myers Industries, which paid about $60 million for the two businesses, made the purchase because the companies' products, processes and customers fit into Myers' existing capabilities, said Stephen E. Myers, chairman and CEO of the Akron-based manufacturer of polymer products.
The firm produces materials-handling containers, pallets and other goods for the automotive segment, but the addition of Michigan Rubber and WEK will give it two sole-source suppliers offering niche, value-added products, according to the company.
The acquired companies' combined sales of $60 million will boost Myers' manufacturing-related sales by about 11 percent to more than $600 million, according to company data. Myers said it expects the businesses to have a positive impact on gross margins and pretax earnings during the first year of operation.