Myers Industries Inc. (MYE) announced the completion of the sale of its Buckhorn Rubber Products Inc. or BRP and Michigan Rubber Products Inc. or MRP businesses to Zhongding Sealing Parts (USA) Inc., a unit of China-based Zhongding Sealing Parts Co. Ltd. Final net proceeds from the sale were about $10.0 million.
The company stated that part of its Automotive and Custom Segment, BRP of Hannibal, Missouri, and MRP of Cadillac, Michigan, provide engineering and manufacturing of rubber original equipment parts for automotive, heavy truck, agriculture and construction markets.
Myers Industries noted that the transaction follows its prior announcement that it is reviewing options, "from further internal restructuring to the potential sale of businesses," to better align its Automotive and Custom Segment with its long-term performance and growth strategies.
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