Myers Industries, Inc. has acquired the assets of Trilogy Plastics and financed the transaction with its revolving credit facility.
Trilogy Plastics is a world-class custom rotational molder specializing in high quality, high tolerance parts and assemblies. The acquisition is the latest action taken as part of the “One Myers” long-term strategic plan, which is focused on transforming the Company into a high-growth, customer-centric innovator of value-added engineered plastic solutions. This acquisition accelerates Horizon 1 of the long-term strategy focused on value-added bolt-on acquisitions.
“The addition of Trilogy to Myers’ rotational molding platform represents an important milestone in the continued execution of our ‘One Myers’ strategy that we believe will unlock additional growth and expansion opportunities for the Company. Trilogy has an outstanding record of providing its customers high quality, high tolerance products and superior service making it an excellent addition to the high-performance culture we are continually building at Myers,” said Mike McGaugh, President and CEO of Myers Industries. “This marks our second acquisition in the last nine months, and I am proud of our team for executing exceptionally well on the initial stage of our strategic vision. We look forward to integrating the Trilogy business into the Myers family, and continuing to grow organically and through additional acquisitions.”
Trilogy Plastics will operate as a part of the rotational molding platform within Myers’ Material Handling Segment. Headquartered in Alliance, Ohio, Trilogy has two U.S. manufacturing facilities and employs approximately 265 people. Trilogy’s annual revenues are approximately $35 million, and the acquisition is expected to be slightly accretive to earnings in 2021.
Myers expects the transaction to generate cost synergies of approximately three percent of sales. These cost synergies will stem primarily from supply chain optimization. In addition, the Company expects to realize growth synergies due to the broader geographic footprint created by the combined rotational molding businesses.