AKRON, OHIO (June 29, 9:35 a.m. ET) — Myers Industries Inc. is expanding its materials-handling business unit with the acquisition of Brazil's Plásticos Novel SA.
Novel is an injection molder of reusable plastic crates and totes for closed-loop shipping and storage in the food and agriculture industries, with plants in both northeastern and southern Brazil, Myers said in a June 29 news release.
The acquisition, for an undisclosed amount, is expected to close in July, Akron -based Myers noted.
The company will become part of Myers' materials-handling business, which also includes the Buckhorn and Akro-Mils lines of products. Novel will join another Myers business in Brazil, Myers do Brasil, which makes bulk containers in São Paulo.
Novel will add production for Myers in the northeastern area of Brazil, in Lauro de Freitas in Bahia and in the southern state of Paraná in Ibiporã. It has strong ties with regional companies and complements Myers' geographic growth strategy, said CEO John C. Orr.
In addition to its materials-handling products, Novel also produces a range of industrial safety items.