AKRON (Sept. 23, 2009)—Myers Industries Inc. said it has entered into a non-binding letter of intent to sell substantially all of the assets of its Buckhorn Rubber Products Inc. and Michigan Rubber Products Inc. subsidiaries to China's Zhongding Sealing Parts Co. Ltd.
Myers did not release terms of the agreement but said it expects the deal to close before November as long as all conditions of the tentative agreement are satisfied.
Michigan Rubber was acquired by Myers in 2004 and operates two plants in Cadillac, Mich., servicing the automotive and industrial markets.
Hannibal, Mo.-based Buckhorn has been part of Myers since 1987 and makes products such as air intake hoses and custom rubber seals for the automotive, agricultural and off-highway markets.
In April 2007, Myers had reached a deal to sell itself for $1.1 billion to investment banking firm Goldman Sachs, but that deal fell through a year later.
This past May, Myers said it was reviewing options for its automotive and custom business unit, including the possible sale of all of the four companies in the division. Besides Michigan Rubber and Buckhorn, the other two companies in the group are plastics processors Ameri-Kart and WEK Industries.