March 27, 2009 (FinancialWire) -- Myers Industries, Inc. (NYSE: MYE) said that it is closing its Fostoria, Ohio manufacturing facility, which makes custom plastic products for industrial, heavy truck and other markets. Around 50 employees will be affected by the closure.

The plant is one of three Ameri-Kart facilities in the company's Automotive and Custom segment producing the aforementioned products. Myers said that current operations of the plant will be shifted to the company's larger manufacturing facilities in that segment, and the closure is scheduled to be completed during the second quarter and the facility held for sale.

Myers Industries expects to record net pre-tax expenses of around $1.5 million, of which around 20% will be cash expenses, with an overall cash payback expected within six months. These expenses will be presented in the company's financial statements over the next several quarters.

Company CEO John C. Orr said, "Fostoria's closure is a difficult but necessary move due to the downturn in industrial, heavy truck and other markets that started in 2007."

He said that the downturn has caused the Fostoria facility to operate, "at far less capacity than is practical for a prolonged period." Orr added that consolidating operations to larger facilities will help to reduce the company's overall operating costs.

Akron, Ohio-based Myers Industries is a manufacturer of polymer products for industrial, agricultural, automotive, commercial and consumer markets. The company is also a wholesale distributor of tools, equipment and supplies for the tire, wheel and undervehicle service industry in the U.S.

Myers reported 2008 net sales of $867.8 million.

FinancialWire" ( http://www.financialwire.net), an independent, proprietary news service of Investrend Communications, Inc., receives no compensation for its news or opinions. Further disclosure is at http://www.investrend.com/articles/secondlevel.asp?level=472 . To contact FinancialWire" write to inquiries@financialwire.net .

Free annual reports for companies mentioned in the news are accessible via http://investrend.ar.wilink.com/?level=279 .

Copyright(C)2009 by financialwire.net, Inc. All rights reserved.

Legal Disclaimer:

EIN Presswire provides this news content "as is" without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the author above.