From Rubber & Plastics news
AKRON (Feb. 17)--Myers Industries Inc. will acquire Michigan Rubber Products Inc. and WEK Industries Inc. from Applied Tech Products for about $60 million.
Myers will purchase the stock and assume the debt of the two firms. The deal is expected to close in early March. The Akron-headquartered firm bought the companies because their products, processes and customers fit into its existing capabilities, said Stephen E. Myers, chairman and CEO of the manufacturer of polymer products for the agricultural, industrial, automotive, commercial and consumer markets.
Michigan Rubber makes engineered rubber goods for the automotive industry in four categories: engine air induction hoses and assemblies; noise vibration dampers; tubing components; and static seals and gaskets.
WEK produces engineered plastic blow molded components for the automotive sector along with the motorcycle and all-terrain vehicle markets.
The sale is a strategic move on ATP's part, according to Raymond B. Langton, president and CEO of Radnor, Pa.-based ATP. "We received an excellent offer from Myers," he said. "It was a good fit with Myers and allows us to focus on and invest in health and beauty care and engineered rubber and plasticsÃ¹which includes health care, electronics, consumer and industrial."