Myers Industries Inc., a supplier of plastic tanks and other polymer products to the RV industry, announced today (March 11) it has completed the acquisition of two auto industry suppliers: Michigan Rubber Products Inc., and WEK Industries Inc.
WEK, a manufacturer of engineered plastic blow-molded components, also supplies the motorcycle and all-terrain vehicle (ATV) markets.
WEK’s product offerings include: HVAC ducts; toolboxes; reserve tanks and air-induction tubing and components. WEK is capable of producing large and small parts with precise dimensions to meet the space configurations of vehicle designs, according to Myers, parent of RV industry supplier firm Ameri-Kart.
Michigan Rubber makes engineered rubber products for the auto industry in four categories: engine air-induction hoses and assemblies; noise vibration dampers; tubing components; and static seals and gaskets.
Akron, Ohio-based Myers, a New York Stock Exchange-listed company, revealed earlier that it planned to pay around $60 million for the two companies, an amount that includes assumption of debt.
WEK and Michigan Rubber generated a combined about $60 million in sales revenue last year. Myers’ sales revenue amounted to $661.1 million in 2003.
The acquisitions should have a positive impact on Myers’ gross margins and pretax earnings during the first year, according the Stephen Myers, chairman and CEO.