AKRON (March 3, 2008) — Myers Industries Inc. saw a surge in sales for 2007, which it attributed to two acquisitions it made in the polymer products industry early last year.
The Akron-based distributor of tire service equipment and supplies and manufacturer of polymer products reported net income of $54.7 million for 2007 — up from a loss of $72.4 million in 2006 — on a 17.8-percent jump in sales to $918.8 million.
Fourth quarter net earnings also grew to $18.2 million, from $10.7 million in the year-ago period, while sales were up 19.8 percent to $232.8 million.
However, annual sales for Myers' Automotive and Custom Segment fell 16.5 percent to $170.9 million from $204.7 million in 2006. Segment sales for the fourth quarter dropped 20.9 percent to $39.6 percent, compared with the year-ago period.
The company said segment sales were impacted by weakness in the automotive and heavy truck markets and a downturn in housing construction.
Myers is still awaiting completion of its acquisition by GS Capital Partners, a private equity fund affiliated with Goldman, Sachs & Co., approved by Myers shareholders last July. GSCP requested more time to complete the acquisition of the company, extending the closing date to April 30.