AKRON (Dec.28) — Myers Industries Inc. plans to purchase Ontario, Canada-based ITML Horticultural Products Inc. for an undisclosed amount to boost its share of the lawn and garden market.
ITML designs, manufactures and markets plastic containers and related products for the professional floriculture/horticulture grower industries throughout North America. The firm makes a wide range of containers, hanging baskets, trays, flats and specialty goods marketed under a variety of brand names, including Kord, Euro Systems and TLC.
The company operates six plants in Canada and the U.S. that use injection molding, blow molding and thermoforming processes to make products. The business will be integrated into Myers Industries´ lawn and garden segment and operate as a strategic business unit.
The deal, which is expected to close in early 2007 and is subject to customary closing conditions, will increase Myers Industries´ grower and distributor market share in Canada and the southern and western U.S., according to John C. Orr, president and CEO of Myers Industries.
He said the purchase of ITML "is consistent with our Strategic Business Evolution process to grow our key business segments with accretive transactions that strengthen our brand portfolio, provide value-added capabilities and deepen relationships with our customers."
The combination of ITML and Myers´ lawn and garden segment represents a significant opportunity because their product lines, manufacturing capabilities and sales units complement one another, Orr said.