AKRON (Oct. 25) — Myers Industries Inc. plans to sell its European Material Handling Group to Linpac Materials Handling of the United Kingdom.
The European group produces returnable plastic containers, pallets and storage systems. Terms of the transaction were not disclosed, but the company said it expected the transaction, which is subject to regulatory approvals, to close in the fourth quarter.
Myers is selling the group because the unit no longer fits into the company´s long-term strategic plans, according to President and CEO John C. Orr. The firm is divesting non-strategic operations, reinvesting in key business segments and reducing debt as part of its Strategic Business Evolution plan.
Its growth strategy includes investments in the form of strategic acquisitions, streamlining activities and upgrading technologies.