UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of report (Date of earliest event reported) September 14, 2009
(Exact name of registrant as specified in its charter)
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Ohio
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1-8524
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34-0778636 |
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(State or other jurisdiction
of incorporation)
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(Commission
File Number)
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(IRS Employer
Identification Number) |
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1293 South Main Street, Akron, OH
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44301 |
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(Address of Principal Executive Offices)
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(Zip Code) |
Registrants Telephone Number, including area code (330) 253-5592
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously
satisfy the filing obligation of the registrant under any of the following provisions.
o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Item 2.05 Costs Associated with Exit or Disposal Activities.
On September 14, 2009, as part of the previously announced
strategic initiatives and assessment of resources for the
Material Handling segment (the MH Segment) and Automotive and
Custom segment (the A&C Segment and together with the MH
Segment, the Segments) of Myers Industries, Inc. (the
Company), the board of directors of the Company approved the
implementation of a consolidation of certain of the Segments
manufacturing assets (the Consolidation). Under the terms of
the Consolidation, manufacturing facilities in the MH Segment at
Shelbyville, Kentucky and in the A&C Segment at Reidsville, North
Carolina will be permanently closed and certain of the production
capabilities and product lines at each of these facilities will
be shifted to other remaining manufacturing facilities in North
America. The Consolidation is expected to result in
approximately $4.5 million in annualized pre-tax savings after
these initiatives have been fully implemented.
Production at both facilities is expected to cease by the end of
2009. The Consolidation is expected to result in a reduction of
approximately 158 positions. The Company expects to incur costs of
approximately $10.6 million in connection with the Consolidation, of
which approximately $7.4 million is expected to relate to the MH
Segment and approximately $3.2 million is expected to relate to the
A&C Segment. The full text of the press release issued in connection
with this announcement on September 14, 2009 is attached as Exhibit
99.1 to this Current Report on Form 8-K.
Item 9.01. Exhibit.
99.1 |
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Press Release dated September 14, 2009. |
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