Myers also reported second-quarter financial results on Aug. 1. The firm's sales were up almost 6 percent to $220.2 million vs. the same quarter in 2023, but profit fell 3 percent to $10.3 million. Myers had sales of $813 million for full-year 2023.
"We continue to focus on growing our storage, handling and protection portfolio, most notably our four power brands: Akro-Mils, Buckhorn, Scepter and Signature Systems," McGaugh said. "We believe our increased participation in the military and infrastructure end markets will provide meaningful growth for our company over the next several years."
McGaugh added that Myers' ongoing productivity-improvement and cost-reduction initiatives "will help us navigate cyclical demand conditions in the recreational vehicle, marine and automotive aftermarket end markets, while positioning the company favorably for when these conditions revert to historical levels of demand."
Myers also lowered its full-year earnings per share guidance to $1.05-$1.20 because of what McGaugh described as "continued trough-like demand conditions in these end markets."
The closings come only a few months after Myers acquired Signature Systems Group LLC, a maker of composite mats and flooring based in Flower Mound, Texas. Myers made that $350 million deal in January.
Officials said at the time that the acquisition will provide $8 million in operational and cost synergies by 2025, a move McGaugh called was "a pivot moment for our company."
Myers is the second-largest rotomolder in North America, according to the latest PN ranking, with $250 million in sales in the region. The firm also does custom molding and makes returnable packaging, storage and safety products and, in the U.S. market, owns the largest tire repair supply distribution business.
On Wall Street, Myers' per-share stock price began 2024 near $20, but was under $16 in late trading Aug. 1 for a decline of about 20 percent.
