As editor of Myers Industries Inc. will soon have a new owner. The Akron, Ohio-based company, which makes plastics housewares, horticultural containers, reusable material handling containers and pallets, announced today that it has reached a definitive agreement to be acquired by GS Capital Partners, a part of investment firm Goldman, Sachs & Co.
The deal is valued at $1.07 billion. However, other bidders may submit competing offers over the next several weeks.
GS Capital Partners will pay $22.50 cash for each share of Myers common stock, and would assume or repay $276 million of debt.
In the news release, John C. Orr, Myers' president and CEO, said: "We have undertaken many successful initiatives over the last two years to transform and grow, with the goal of creating more value for all of our stakeholders. After careful review of our strategic business segments and the best avenues for growth, we are excited about this opportunity with GS Capital Partners.”
Chalk another deal up to the private equity market, which seems to have an insatiable appetite for plastics companies.