AKRON, OHIO (July 9, 9:35 a.m. ET) — Myers Industries Inc. has completed the acquisition of Brazil's Plasticos Novel SA.
The Akron-based manufacturing and distribution company said it paid $27.5 million for Novel, subject to certain adjustments.
Novel, with projected sales of about $38 million for 2012, is a manufacturer of reusable plastic crates and totes that are used for closed-loop shipping and storage in the region's food and agriculture sectors. Novel also produces plastic industrial safety products.
Novel will become part of Myers' Material Handling Segment. Businesses in this segment include North America-based Buckhorn, a manufacturer of reusable bulk containers and totes; Akro-Mils, a makerof plastic bins and storage systems; and Myers do Brasil, which produces bulk containers and totes for agriculture and manufacturing markets in the region.