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The closings, planned by the end of the year, are part of the Akron-based polymer company's previously announced plans to cut costs and realign resources.
Myers, which makes plastic products and is a tool distributor, said it expects annual savings of about $4.5 million pre-tax from the moves.
Shares of Myers rose 27 cents to $10.37. Shares are up 33.4 percent, including reinvested dividends, since Jan. 1, but are down 19 percent from a year ago.
The Shelbyville, Ky., plant where about 88 people work makes injection-molded plastic reusable containers. The plant probably will be put up for sale.
The Reidsville, N.C., plant, which is leased and employs about 70, makes blow-molded custom plastic products.
Severance and outplacement support will be offered to affected employees, the company said in a news release.
Production will be shifted to other Myers Industries plants. The company did not identify which plants will get new business.
Myers Industries said it expects to incur one-time pre-tax expenses of about $10.6 million in connection with the closings.
"The decision to close any facility is extremely difficult because of the people and communities it impacts," John C. Orr, president and chief executive, said in a prepared statement.
"However, given the changed economic landscape and to better position our business, it is absolutely critical that we further reduce costs, consolidate facilities and fully utilize our high-efficiency molding capacity to enhance productivity."
Myers Industries reported net sales of $867.8 million in 2008.
Jim Mackinnon can be reached at 330-996-3544 or jmackinnon@thebeaconjournal.com.
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