AKRON—Myers Industries told investors it's going through a restructuring plan via a March 21 SEC filing that also indicates there may be job losses coming for employees in its distribution segment.
The company, which serves the materials handling, tire-supply and retread markets, told the SEC that it committed "to implementing a restructuring plan relating to the transformation initiatives previously announced for its distribution segment" and that the plan "will include the elimination of certain sales and administrative positions."
The company did not elaborate in its filing or any potential job losses in an email to Crain's. Myers' vice president of investor relations, Monica Vinay, wrote in an email that the company is making difficult decisions as its markets change.
"As the tire-repair and retread industry continues to evolve, Myers Industries is working on transforming its distribution business. We are refining our strategy to invest more in our growth channels, better serve our customers and create an even brighter future for our people," Vinay wrote. "As part of that strategy, we made the difficult but necessary decision to realign our organization. This decision, along with several other initiatives, is helping Myers Tire Supply evolve while investing in growth channels and optimal paths to market."
In its SEC filing, Myers said it "plans to realign its distribution segment commercial sales structure and expand the segment's e-commerce platform."
The company also informed regulators and investors that it's moving some of its manufacturing operations, consolidating a Michigan plant of subsidiary Ameri-Kart with another plant in Indiana. The move is expected to eliminate as many as 30 positions. It also said it plans to sell a plant in Sandusky, but that plant has been closed since 2017, according to Myers' SEC filing.
Investors showed little reaction to the filing. Myers' stock price was up 15 cents per share, to $18.11, the afternoon after the filing was made.
Analysts have been mixed when it comes to Myers as well. Analyst Journal reported on March 20 that it found one brokerage firm with a buy recommendation on the company's stock, four telling clients to hold it and none advising them to sell.