Myers Industries has acquired the assets of Elkhart Plastics Inc., one of the largest rotational molding companies in the United States. Myers said the acquisition is the latest action in its recently announced long-term strategic plan to transform into a high-growth, customer-centric innovator of value-added engineered plastic solutions.
Founded in 1988, Elkhart Plastics manufactures engineered products for the RV, marine, agriculture, construction, truck, and other industries. Its new parent company said that Elkhart Plastics has established itself as an innovator, market leader, and best-in-class solutions provider to customers across the U.S., and the combination of Elkhart Plastics, with Myers’ Ameri-Kart business, will create the fifth-largest rotational molding business in the country.
“We are excited to welcome Elkhart (Plastics), its president, Mr. Jack Welter, and the entire Elkhart (Plastics) team to the Myers family,” said Mike McGaugh, president and CEO of Myers Industries. “Elkhart (Plastics) has a stellar reputation of providing superior service and quality products to its customers, and we look forward to adding it to Myers’ already strong portfolio of brands.”
McGaugh continued, “We recently launched our new, long-term strategic plan which, in the near term, is focused on strengthening the company through organic growth initiatives, commercial and operational excellence, pursuing bolt-on acquisitions in plastics molding, and driving a high-performing culture. As a bolt-on acquisition within our existing technology space, Elkhart (Plastics) fits perfectly into this plan and helps us take a meaningful step toward our long-term vision.”
Elkhart Plastics will operate as a new strategic business unit within Myers’ Material Handling Segment. Headquartered in South Bend, Ind., Elkhart Plastics has six U.S. manufacturing facilities and employs about 460 people. In 2019, Elkhart Plastics’ revenues were about $100 million, and the acquisition is expected to be immediately accretive to earnings for Myers, which financed the transaction with cash on-hand.
“We are proud of Elkhart (Plastics’) long history as a leader in the roto-molding industry, and we look forward to the new opportunities the combination with Myers will bring for our customers, employees and all of our stakeholders,” said Jack Welter, president and CEO of Elkhart Plastics. “We are a good cultural fit with Myers, and we expect a smooth and successful integration of our organizations.”