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The Akron-based plastics maker and tool distributor said today it is studying selling four businesses in the segment: Ameri-Kart, Buckhorn Rubber Products, Michigan Rubber Products and WEK Industries.
The four businesses primarily make plastic and rubber original equipment products for the automotive and trucking industry.
Shares today rose 50 cents to $10.55. Shares are up 34 percent including reinvested dividends since Jan. 1. Shares are down 13 percent from a year ago.
The goal of any sale or internal restructuring would be to better align certain businesses in the Automotive and Custom segment with Myers Industries' long-term strategies, the company said in an announcement.
"We are clearly focused on taking advantage of every opportunity to optimize the company's overall performance and increase value for shareholders," John C. Orr, president and chief executive officer, said in a prepared statement.
The businesses will continue to operate as usual during the review process and will provide more details on any initiatives once the review is ended, Myers said.
In the Automotive and Custom segment, Myers Industries said it lost $3 million in the first quarter as net sales fell $19.3 million, or 42 percent, to $27.1 million compared with $46.4 million a year ago. The company cited significant volume declines in the automotive, heavy truck, recreational vehicle and marine markets.
Myers Industries' other segments are Lawn & Garden, Material Handling and Distribution.
The company makes plastic and biodegradable containers, hanging baskets, pots and related products for the lawn and garden industry. Its Material Handling segment makes reusable containers and pallets, while other segments distribute tire-repair tools and accessories.
Last week, Myers Industries won a proxy contest against one of its largest shareholders, Gamco Asset Management Inc., which owns or controls about 9.6 percent of Myers' shares. Gamco lost a bid to put four candidates on the nine-person board.
Myers reported a profitable first quarter for 2009. The company had net income of $5.1 million, or 14 cents a share. That was down 41 percent from $10.4 million, or 30 cents a share, a year ago. Sales totaled $190 million, down 24 percent from a year earlier.
The company reported it lost $46.2 million, or $1.31 a share, on revenue of $867.8 million in 2008.
Jim Mackinnon can be reached at 330-996-3544 or jmackinnon@thebeaconjournal.com.
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