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April 24, 2007 02:00 AM

Investment banking firm to acquire Myers Industries

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    AKRON (April 24) — An investment group plans to acquire Myers Industries Inc. in a transaction valued at about $1.07 billion.

    Myers announced that under the definitive agreement, GS Capital Partners will buy all the outstanding shares of Myers´ common stock for $22.50 per share in cash. Akron-based Myers is a major distributor of tools, equipment and supplies for the tire and wheel service industry, as well as a manufacturer of polymer products for the industrial, agricultural, automotive, commercial and consumer markets.

    The company reported record sales of $780 million last year.

    The sale, which Myers´ board of directors unanimously approved, is subject to certain closing conditions, including approval of Myers´ shareholders, regulatory approvals and other closing conditions, the company said.

    A special meeting of shareholders will be held to consider and vote on the proposed acquisition.

    Members of the Myers family and their affiliates have agreed to vote their shares — which represent about 19 percent of outstanding shares — in favor of the deal, according to Myers Industries.

    Under the agreement, Myers can solicit competing proposals from third parties during the next 45 days and respond to unsolicited proposals.

    GSCP is an investment arm for New York-based Goldman, Sachs & Co., a major investment banking firm. According to its Web site, Goldman Sachs has invested more than $17 billion of equity in more than 500 companies globally since 1986. The firm said it is currently investing its GS Capital Partners V fund, comprised of $8.5 billion of equity, including more than $2.5 billion of capital from Goldman Sachs.

    Meanwhile, Myers Industries will report its first quarter financial results before the market opens on April 27.

    The report will be followed by a conference call from 2 to 3 p.m. the same day. Participants can call (877) 407-9210 or log on to www.myersind.com. A replay will be available at (877) 660-6853 until May 10. A replay will be available online through July 28.

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