AKRON (Nov. 2, 2009)—Myers Industries Inc. has completed the sale of Michigan Rubber Products Inc. and Buckhorn Rubber Products Inc. businesses to Zhongding Sealing Parts (USA) Inc.
Final net proceeds from the transaction are about $10 million, according to Myers.
The deal has been pending since Sept. 22 when Myers, a manufacturer and distributor of a variety of rubber and plastic goods, said it had entered into a non-binding letter of intent to sell virtually all of the assets of its Buckhorn Rubber and Michigan Rubber subsidiaries to Zhongding, a subsidiary of China-based Zhongding Sealing Parts Co. Ltd.
Included in the sale will be all land, plants, machinery, brands, technology and the customer base.
Myers said in a prepared statement it is still reviewing options, “from further internal restructuring to potential sale of businesses,” to better align its Automotive and Custom segment with the firm's long-term performance and growth strategies. Those businesses include Parch Rubber Co., a maker of rubber tire service products and custom rubber goods, along with two custom plastic product manufacturers, Ameri-Kart and WEK Industries.