Plastics Maker To Close 2 Plants, Cut 158 Jobs
AKRON, Ohio (AP) — Plastics maker Myers Industries Inc. said Monday that it will close two of its manufacturing facilities by the end of the year as part of its efforts to better align its capacity and cut operating costs.
About 158 jobs will be eliminated.
The company said it plans to close an injection-molding plant in Shelbyville, Ky., that is part of its material handling segment. The plant produces plastic reusable containers and employs about 88 people.
It also will close a blow-molding plant in Reidsville, N.C., that is part of its automotive and custom segment. The facility produces custom plastic products for a wide range of markets and employs about 70 people.
Production from the facilities will be transferred to other Myers operations in North America.
Myers said it expects to incur total one-time pretax expenses of about $10.6 million and record annual pretax savings of about $4.5 million as a result of the closures.
The company said it also continues to look at additional options for certain businesses in the automotive and custom segment, including further restructuring or potential divestitures.
Myers shares shed a penny to $10.09 in morning trading.