Item 1.01 Entry into a Material Definitive Agreement.
On November 10, 2020, a definitive asset purchase agreement ("Agreement") was
entered into by and among Myers Industries Indiana LLC, an Indiana limited
liability company ("Buyer") and a wholly-owned subsidiary of Myers Industries,
Inc. (the "Company"), Elkhart Plastics, Inc., an Indiana corporation, Elkhart
Plastics International, Ltd., an Indiana corporation, Elkhart Plastics of Iowa,
Inc., an Indiana corporation, Elkhart Plastics of Michigan, Inc., an Indiana
corporation (collectively, "Seller"). Pursuant to the Agreement, Buyer acquired
the rotational molding business of Seller ("Business") by acquiring all of
Seller's right, title and interest in and to substantially all of Seller's
assets, properties, rights, contracts and claims other than certain excluded
assets, for a purchase price of USD $62.5 million payable in cash, subject to
customary working capital adjustments and assumption of certain liabilities of
Seller. The Agreement contains certain customary representations, warranties,
covenants and agreements.
Item 7.01 Regulation FD Disclosure.
On November 10, 2020, the Company issued a press release announcing the
execution and closing of the Agreement and acquisition of the Business of
Seller. The full text of the Company's press release is attached as Exhibit 99.1
to this Current Report on Form 8-K and is incorporated herein by reference.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits.
Exhibit
Number Description
99.1 Press Release dated November 10, 2020
104 Cover Page Interactive Data File (embedded within the Inline XBRL
document)
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