{"id":43631,"date":"2023-11-30T11:07:54","date_gmt":"2023-11-30T11:07:54","guid":{"rendered":"https:\/\/manufacturing-today.com\/?p=43631"},"modified":"2023-11-30T11:07:55","modified_gmt":"2023-11-30T11:07:55","slug":"with-almost-a-century-of-experience-myers-industries-inc-continues-to-lead-innovation-in-polymer-products-and-the-auto-aftermarket","status":"publish","type":"post","link":"https:\/\/manufacturing-today.com\/news\/with-almost-a-century-of-experience-myers-industries-inc-continues-to-lead-innovation-in-polymer-products-and-the-auto-aftermarket\/","title":{"rendered":"With almost a century of experience, Myers Industries Inc. continues to lead innovation in polymer products and the auto aftermarket\u00a0"},"content":{"rendered":"<p><span data-contrast=\"auto\">Across the engineered material handling solutions sector, Myers Industries Inc. (Myers) is helping leverage a spectrum of major plastic production technologies. The business boasts proficiency in injection molding, blow-molding, rotational molding, and thermo-formed solutions, and has solidified its reputation as a leader in delivering innovative and high-quality products for the tire, wheel, and vehicle service industry in the US.\u00a0<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">As also one of the largest tire repair distributors, Myers strategically positions itself within the evolving landscape shaped by industry consolidation, while navigating the growing demand for electric vehicles.<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\"><img loading=\"lazy\" decoding=\"async\" class=\"alignleft size-full wp-image-43633\" src=\"https:\/\/manufacturing-today.com\/wp-content\/uploads\/sites\/4\/2023\/11\/Myers-Industries-218-Body-Image.jpg\" alt=\"\" width=\"425\" height=\"300\" srcset=\"https:\/\/manufacturing-today.com\/wp-content\/uploads\/sites\/4\/2023\/11\/Myers-Industries-218-Body-Image.jpg 425w, https:\/\/manufacturing-today.com\/wp-content\/uploads\/sites\/4\/2023\/11\/Myers-Industries-218-Body-Image-300x212.jpg 300w\" sizes=\"auto, (max-width: 425px) 100vw, 425px\" \/>This year, the company celebrates its 90th anniversary in the industry, and, in recognition of its achievements, those in the team are reflecting on the business\u2019 journey, growth strategy, and corporate culture. In an exclusive interview with Grant Fitz, the Executive Vice President and Chief Financial Officer, and Mike McGaugh, President &amp; CEO, we take a look at the distinct facets that define the company\u2019s legacy.<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">To get the conversation started, Grant provides some insight into the composition of Myers, outlining the two major business units that underpin its operations. \u201cWe have a material handling segment, which constitutes approximately 70 percent of our business. This segment focuses on producing typically large, branded plastic material handling products used in storage, handling and protection, leveraging our unique engineering skill sets. We are one of the few companies in our industry that utilizes all plastic forming technologies. This helps position Myers uniquely in the market,\u201d Grant begins.\u00a0<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">Myers also has a second arm of the company with its Myers Tire Supply distribution business. With distribution centers strategically located, this business is positioned to provide tire repair centers across the US with everything they need from repair materials to under carriage repair equipment. Myers has great pride in working to fulfill delivery of customer orders within 24 hours. With an aging car fleet and tailwinds from the growth of sales of electric vehicles, which wear out tires 20 percent faster than conventional vehicles, the company is well positioned to capture this auto-aftermarket growth opportunity.<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">Both business segments have been impressively profitable, which has opened opportunities for the company to take on organic growth, as well as growth through acquisitions.\u00a0<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">Grant notes the current challenges in the mergers and acquisitions (M&amp;A) landscape stating: \u201cThe industry experienced a significant boom in acquisitions following the pandemic. This trend was was driven largely by low-interest rates.\u00a0 Now, with higher interest rates, sellers have been reluctant to move from inflated prices, which buyers are not willing to pay.\u201d Grant adds that at Myers, there is a \u2018very strong balance sheet\u2019 and that the business is disciplined and patient for acquisition prices to stabilize. \u201cWhen they do, we will be ready to move quickly.\u201d\u00a0\u00a0<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">He further emphasizes the company\u2019s active pipeline of acquisition opportunities, underscoring Myers\u2019 commitment to exploring strategic growth avenues. This matches with the leaders\u2019 vision of scaling the company\u2019s operations.<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">To make its growth strategies plausible, Myers places significant importance on its company culture. From what we learn, the business adopts a servant leadership approach, as highlighted by both Grant and Mike. \u201cThe culture was one of the aspects that attracted me to Myers when I joined six months ago. Mike\u2019s focus is on how we can support our employees. When we do our job well, and help support each other, it encourages those in our team to improve their own contributions. This then ripples across the organization, and ultimately contributes to the greater good to the community in which we operate.\u201d This culture, according to Grant, resonates with employees, and fosters a sense of purpose and belief in the company\u2019s mission.<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">Mike emphasizes the intrinsic satisfaction derived from this approach. For him, supporting employees translates into higher quality products and better service for the company\u2019s customers. \u201cThere\u2019s a lot of innate satisfaction that comes from doing that well; it has much more of an impact and connection to who you are than more dollars in your bank account,\u201d he says, adding that aligning people through servant leadership creates a cohesive work environment that really goes beyond financial compensation.<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">Mike further stipulates the company\u2019s unique position and strategy. As a 90-year-old startup business, he is immensely proud of the strengths of the company. Over the past several years, Mike has brought in multiple seasoned leaders from large cap companies who \u201cknow what good looks like and want to leave a legacy. The leadership team strives to implement the best practices while discarding aspects that may hinder progress. This blend of experience and innovation positions us as a dynamic player in the industry.\u201d<\/span><span data-ccp-props=\"{}\"> <img loading=\"lazy\" decoding=\"async\" class=\"alignright size-full wp-image-43634\" src=\"https:\/\/manufacturing-today.com\/wp-content\/uploads\/sites\/4\/2023\/11\/Myers-Industries-218-Body-Image-2.jpg\" alt=\"\" width=\"425\" height=\"300\" srcset=\"https:\/\/manufacturing-today.com\/wp-content\/uploads\/sites\/4\/2023\/11\/Myers-Industries-218-Body-Image-2.jpg 425w, https:\/\/manufacturing-today.com\/wp-content\/uploads\/sites\/4\/2023\/11\/Myers-Industries-218-Body-Image-2-300x212.jpg 300w\" sizes=\"auto, (max-width: 425px) 100vw, 425px\" \/><\/span><\/p>\n<p><span data-contrast=\"auto\">Looking to the future, Myers is eager to stay ahead of the market curve and maintain its leadership in the manufacturing industry. As Mike mentions, \u201cWe are transforming the company with the One Myers Business System that provides us with a framework to improve how we do work by simplifying and standardizing our company, as we move from a de-centralized to a centralized company. Prior to 2019, Myers was largely decentralized, with different processes and business units. Now, four years into this transformation, Myers is a company that has grown over 60 percent or $300 million in revenue at nearly a 13 percent CAGR, while generating strong free-cashflow, and an improvement in earnings per share of over 80 percent.\u201d<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">Grant also shares the need for the right infrastructure, leveraging the Myers Business System to operate at a larger scale, and helping to drive both organic growth and strategic acquisitions. He outlines a measured approach to growth, acknowledging the importance of maintaining a reasonable level of debt on the balance sheet, especially in the current higher interest rate environment.<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">From what the two leaders have shared, Myers emerges as a trailblazer in the engineered material handling solutions sector by combining technological expertise with a commitment to servant leadership and corporate culture. With a robust growth strategy, active pursuit of acquisitions, and a focus on scalability, Myers positions itself as a dynamic force in the evolving landscape of the manufacturing industry. \u201cWe don\u2019t need to think about becoming a four- or five-billion-dollar company; let\u2019s just take the steps we need right now to get to the next milestone. After each step, we\u2019ll look back, reassess our strategy, and leverage the opportunities that acquisitions may bring to explore new markets and technology innovations across the sector,\u201d Mike states, while concluding that the business is just getting started. His considered and strategic approach demonstrates the company\u2019s adaptability and commitment to sustained growth.\u00a0<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/p>\n<p><span data-ccp-props=\"{}\">\u00a0<\/span><a href=\"http:\/\/www.myersindustries.com\"><b><span data-contrast=\"auto\">www.myersindustries.com<\/span><\/b><span data-ccp-props=\"{}\">\u00a0<\/span><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Across the engineered material handling solutions sector, Myers Industries Inc. (Myers) is helping leverage a spectrum of major plastic production<\/p>\n","protected":false},"author":6,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"content-type":"","footnotes":""},"categories":[685,669,657],"tags":[1912,868,1742,1890,1911],"class_list":["post-43631","post","type-post","status-publish","format-standard","hentry","category-technology","category-plastics","category-insights","tag-auto","tag-ohio","tag-united-states","tag-1890","tag-myers-industries-inc"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.0 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>With almost a century of experience, Myers Industries Inc. continues to lead innovation in polymer products and the auto aftermarket\u00a0<\/title>\n<meta name=\"description\" content=\"Across the engineered material handling solutions sector, Myers Industries Inc. 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