Akron, Ohio — Myers Industries Inc. will close a Cassopolis, Mich., plant and consolidate operations in Indiana as part of a restructuring of its Ameri-Kart Corp. subsidiary.
The plant employs 30, Akron, Ohio-based Myers said in a March 21 letter to the Securities and Exchange Commission.
Ameri-Kart is a thermoformer and rotational molder that is part of Myers' Material Handling operations.
Work from Cassopolis will be integrated into Ameri-Kart's Bristol, Ind., facility, the company said.
The closure is part of a series of restructuring actions by Myers, which may also include job losses for its Distribution business segment to "increase sales force effectiveness, reduce costs and improve contribution margin." The company will "realign" the business and eliminate "certain sales and administrative positions."
In addition, the company has a letter of intent to sell its closed production plant in Sandusky, Ohio, which had been part of the Akro-Mils material handling business. The plant closed in 2017.
The company did not elaborate in its filing or an email to Crain's Akron Business. Myers' vice president of investor relations, Monica Vinay, said in an email that the company is making difficult decisions as its markets change.
Investors showed little reaction to the filing. Myers' stock price was up 15 cents per share, to $18.11, the afternoon after the filing was made.
Analysts have been mixed when it comes to Myers as well. Analyst Journal reported on March 20 that it found one brokerage firm with a buy recommendation on the company's stock, four telling clients to hold it and none advising them to sell.
Crain's Akron Business contributed to this report.
