AKRON (Aug. 6) — Weak credit market conditions prompted Goldman, Sachs & Co.´s private equity firm to postpone a $950 million financing package it was going to use toward the purchase of Myers Industries Inc., according to published reports that were confirmed by the two companies.
The delay in financing is not expected to affect the buyout of the rubber and plastic products and tire service equipment manufacturer that was projected to close by the end of September. On July 23 Myers stockholders approved GS Capital Partners´ buyout offer of the Akron-based company for $1.1 billion, including the assumption or repayment of about $276 million in debt.
A GS Capital Partners spokesman said the timeframe for when the firm will acquire financing will depend on market conditions.