Myers Industries announces that GS Capital Partners has decided not to
move forward with the proposed acquisition of the Polymers company.
The Board of Directors of Myers Industries, Inc. (NYSE: MYE) (the “Company”)
announced today that it has received notice that GS Capital Partners (“GSCP”)
does not intend to proceed with the proposed acquisition of the Polymers
Company.
As a result, Myers Holdings Corporation (f/k/a MYEH Corporation) (“Parent”)
and the Company have mutually agreed to terminate the Agreement and Plan
of Merger, dated as of April 24, 2007 by and among the Parent, Myers Acquisition
Corporation (f/k/a MYEH Acquisition Corporation) and the Company, effective
April 3, 2008.
Myers Industries continues to focus on its sound business growth plan
and fundamentals directed at sustainable, profitable growth. The Company
is confident in its ability to continue value generation for customers
and shareholders.
Myers Industries, Inc. is an international manufacturer products from
polymers for industrial, agricultural, automotive, commercial and consumer
markets. The Company is also the largest wholesale distributor of tools,
equipment, and supplies for the tire, wheel, and undervehicle service
industry in the U.S. Myers Industries reported net sales of $918.8 million
for 2007.
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