Myers Industries buys Trilogy Plastics crainscleveland.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from crainscleveland.com Daily Mail and Mail on Sunday newspapers.
Print
AKRON Myers Industries Inc. s automotive aftermarket supply business reported a 16.6% increase in revenue in the first quarter, to $44.6 million, due to increased sales of both supplies and equipment.
The business unit which consists primarily of
Tuffy Manufacturing reported adjusted operating income increased 5.3% to $2 million, or 4.5% of sales.
Myers attributed the improvement primarily to the higher sales volume, which was offset partially by an unfavorable sales/mix, an unfavorable price-to-cost relationship and higher incentive-compensation costs.
Overall, Myers Industries sales for the quarter were up 42.7% to $174.4 million, driven primarily by the addition of $27.1 million in sales from Elkhart Plastics, which Myers acquired in November 2020.
IBI Premium Content, by Craig Ritchie2021-05-06T13:43:00
Higher sales revenues offset by higher costs related to recent acquisitions, leading to 56% dip in YOY net income
Ohio, US-based plastic fuel tank manufacturer Myers Industries Inc released its 2021 first quarter financial results today, reporting higher net sales year-over-year that were partially offset by higher costs related to its recent Elkhart Plastics acquisition.
To continue reading, please see the IBI Plus subscription options below for accessing our Premium Content.
This is premium content
signed-in to access this content.
Benefits include:
Unlimited access to all IBI Plus Premium content, including:
Industry statistics / Market reports / Company insights / In-depth segment reports
McGaugh sets Myers on growth path plasticsnews.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from plasticsnews.com Daily Mail and Mail on Sunday newspapers.
Share this article
Share this article
ALBANY, N.Y., March 11, 2021 /PRNewswire/ Rotational molding technologies are used to manufacture plastics for a wide spectrum of applications. Key thermoplastics used in the process are polyethylene and polypropylene. The growing use of new technologies and instrumentation such as 3D (dimensional) CAD (Computer Aided Design) design has helped companies in the rotomolding market to develop cost-effective products at scale. Key applications where rotomolding products find widespread use are water treatment, agriculture, and construction industry. Emerging applications include automotive, toy making, and material handling. Sustainable production practices will likely shape the contours of the rotomolding market in coming years.