Myers Industries completes acquisition of Brazil’s Plasticos Novel
Myers Industries, Inc. recently announced that it has completed the previously announced acquisition of Brazil’s Plasticos Novel S.A.
The purchase price was $27.5 million, subject to certain adjustments. Additional terms of the acquisition were not disclosed.
Novel, with projected sales of approximately $38.0 million for 2012, is Brazil’s leading designer and manufacturer of reusable plastic crates and totes used for closed-loop shipping and storage in the region’s fast-growing food and agriculture industries. Novel also produces a diverse range of plastic industrial safety products. With strong relationships to major international companies in its markets, Novel complements Myers Industries’ existing materials handling business in Brazil and aligns with the Company’s material handling and geographic growth strategy.
Novel will become part of Myers Industries’ Material Handling Segment. Businesses in this segment include North America-based Buckhorn, a leading manufacturer of reusable bulk containers and totes; Akro-Mils, a leader in plastic bins and storage systems; and Myers do Brasil, located in São Paulo state, Brazil, which produces bulk containers and totes for agriculture and manufacturing markets in the region.