AKRON (May 2, 2011)—Myers Industries Inc. has authorized a stock repurchase program that enables the manufacturing company to buy up to 5 million shares of its common stock in the open market.
Akron-based Myers, which makes polymer products for industrial, agricultural, automotive, commercial and consumer markets, said the amount and timing of specific repurchases are subject to market conditions, applicable legal requirements and other factors.
The purchases will be funded from existing cash resources and may be suspended or discontinued at any time, Myers said.
“This authorization reflects our track record of strong cash flow, a positive outlook and commitment to shareholder value,” said John Orr, the company's president and CEO. “Myers has the financial resources to continue to pursue our growth strategies, while at the same time we will look to return value to our shareholders through a stock repurchase program.”