Myers finalizes sale of two rubber businesses to Chinese buyer

AKRON, OHIO (Nov. 2, 4:25 p.m. ET) -- Myers Industries Inc. has completed the sale of its Buckhorn Rubber Products Inc. and Michigan Rubber Products Inc. businesses to a U.S. subsidiary of a Chinese company.

Net proceeds from the sale of the businesses to Zhongding Sealing Parts (USA) Inc., a subsidiary of China-based Zhongding Sealing Parts Co., were about $10 million.

Both Buckhorn Rubber and Michigan Rubber are part of Myers' automotive and custom segment, and they provide engineering and manufacturing of rubber original equipment parts for automotive, heavy truck, agriculture and construction markets.

Myers had announced in May that it was considering considering changes to the automotive and custom business unit, including the possible sale of some or all of the four companies within that division.

In addition to the Michigan Rubber and Buckhorn Rubber businesses, companies in the unit included Ameri-Kart's rotational molding and vacuum forming unit, and WEK Industries, an industrial blow molder.

Myers makes polymer products for industrial, agricultural, automotive, commercial and consumer markets. The company had 2008 net sales of $813.5 million from continuing operations.

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