Akron, Ohio-based Myers Industries Inc. has acquired nursery container firm Productivity California Inc. of South Gate, Calif.
Myers acquired the firm in a July 7 cash and stock deal, plus the assumption of debt.
Pro Cal had sales of $28 million in 2003 and gives Myers more manufacturing capacity and technology, officials said. Myers has manufacturing facilities in Middlefield, Ohio; Sparks, Nev.; and Vancouver, British Columbia. Pro Cal has one manufacturing site in South Gate with 120 employees. Officials would not disclose Myers' employee head count at its current molding sites.
``Pro Cal is complementary to our existing Dillen and Listo product lines serving the grower segment of the horticulture market,'' Stephen Myers, chairman and chief executive officer, said in a news release.
Privately held Pro Cal has been in operation since 1983, making injection molded and thermoformed nursery containers. Its management team will stay intact, Myers said.
Officials said they looked at Pro Cal as having good penetration into the West Coast market and marketing and distribution strengths on the West Coast. Moreover, the acquisition equips Myers with the picturePot technology, which allows containers to be formed and printed with photographic-quality images.
According to Myers, the total U.S. horticulture market is forecast to grow from about $14.6 billion this year to about $15.8 billion in 2008, a rate of about 2-3 percent per year, based on figures from the Department of Agriculture. The U.S. floraculture market is $4.9 billion, with California accounting for about 21 percent of that total market.