Mergers & Acquisitions ·
Myers Industries sells its North American tire supply business to TAPS Holdings for $30 million
MYEMyers Industries Inc
Myers Industries, Inc. sold its Myers Tire Supply (MTS) North American business to TAPS Holdings, LLC for aggregate consideration of $30 million, subject to customary post-closing adjustments for cash, indebtedness, net working capital, and transaction expenses. The divestiture includes MTS and its subsidiaries, which historically operated the company's tire supply distribution division serving the automotive service industry. This strategic transaction advances Myers' focused transformation into a manufacturer of engineered resin and composite products for critical infrastructure, industrial, consumer, food and beverage, and vehicle end markets. Myers Industries is a leading manufacturer of sustainable plastic and metal protective products for various industrial and consumer sectors.