Myers Industries, Inc. announced Tuesday that it will be acquired by GS Capital Partners (GSCP) for $1.07 billion, including a $276 million assumption or repayment of debt.
“After thorough analysis, the Special Committee and the Board have endorsed this transaction as being in the best interests of our shareholders,” said John C. Orr, president and CEO. “After careful review of our strategic business segments and the best avenues for growth, we are excited about this opportunity with GS Capital Partners.”
The company has 45 days to solicit competing proposals.
Myers Industries manufactures polymer products for industrial, agricultural, automotive, commercial, and consumer markets. For 2006, it had net sales of $780 million.