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June 24, 2014
07:36 EDTMYEMyers Industries completes sale of WEK Industries for approx. $19.5M
Myers Industries has completed the sale of WEK Industries, Inc. to Industrial Opportunity Partners, owners of Toledo Molding and Die, Inc. for approximately $19.5M. The sale of WEK Industries includes manufacturing facilities and offices located in Jefferson, Ohio and Reidsville, North Carolina. Additional terms of the agreement were not disclosed. Western Reserve Partners advised Myers Industries, Inc. in connection with this transaction. In light of this transaction and recent announcements regarding the agreement to purchase Scepter and the commencement of the sale of Myers’ Lawn and Garden Segment, the company also announced a reporting segment realignment to reduce the reportable segments from four to two. Starting with the second quarter Form 10Q and going forward, Myers will report its underlying earnings in two reportable segments: Material Handling and Distribution.
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September 16, 2014
09:20 EDTMYEMyers Industries reports Q2 EPS 17c vs 2c last year
Reports Q2 revenue $152.8M, vs. $150.5M last quarter.
September 9, 2014
10:33 EDTMYEMyers Industries sees Lawn & Garden sale completed by mid-2015
Says financial goals include: sales growth of 2x GDP, gross margin >30%, EPS growth >20% CAGR, free cash flow of 100% of net income. Also sees ROIC greater than cost of capital. Says will invest within growth platforms for value creation. Looks to drive earnings growth faster than sales growth. Sees Lawn & Garden sale completed by mid-2015. Capital allocation plans include organic growth, growth through acquisitions, return of capital to shareholders via dividends, repurchases, debt reduction. Comments from slides that will be presented at the CL King Best Ideas Conference.
07:15 EDTMYECL King to hold a conference
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