Publicly traded plastics processor Myers Industries Inc. is growing via acquisition again, this time buying a rotational molding plant in Decatur, Ga., from Step2 Co. LLC.
Terms were not disclosed. Streetsboro, Ohio-based toymaker Step2 had announced plans to close the plant in December.
Akron, Ohio-based Myers announced the deal May 12. President and CEO Mike McGaugh called it his company's "third meaningful investment in rotational molding in under two years." Myers' most recent deal was the August purchase of Alliance, Ohio-based Trilogy Plastics Inc.
Myers said it is continuing to expand its U.S. rotomolding capabilities to serve the outdoor recreation, construction, vehicle and industrial end markets.
The 41,000-square-foot Georgia facility adds production capacity to support both new and existing customers in the southern United States, Myers said.
In December, Step2 filed a worker adjustment and retraining (WARN) notice with the state of Georgia, saying that the Decatur plant was closing effective Feb. 16, cutting 162 jobs. The company declined multiple requests to comment from Plastics News.
Step2 moved into the Decatur site in July 2020. The site previously housed CI Rotomolding USA Inc., which had announced in late 2019 that it was looking for a joint venture partner or to be acquired.
Myers is the fourth-largest rotomolder in North America, according to Plastics News data, with estimated rotomolding sales of $164.3 million. Step2, which also has plants in Streetsboro and Perryville, Ohio, is third, with sales of $172.5 million.