Myers Industries Completes Sale of Myers Tire Supply

Myers Industries, Inc. (NYSE: MYE), a leading manufacturer of Products that Protect™, today announced it has entered into and completed an agreement to sell its Myers Tire Supply (MTS) North America business to Lion Equity Partners, a Denver-based private equity firm specializing in corporate divestitures. Under the terms of the agreement, Myers will receive $30 million, subject to certain customary post-closing adjustments for cash, indebtedness, net working capital, and transaction expenses. The definitive transaction agreement will be filed with the Securities and Exchange Commission as an exhibit to the Company's Current Report on Form 8-K.

The sale advances Myers’ Focused Transformation into a manufacturer of engineered resin and composite products serving critical infrastructure, industrial, consumer, food and beverage, and vehicle end markets. The transaction strengthens Myers' balance sheet and enables the Company to concentrate resources on its core businesses and growth platforms.