- Myers Industries Inc (NYSE:MYE) has acquired the assets of Mohawk Rubber Sales of New England Inc., an auto aftermarket distributor, for an undisclosed sum.
- Mohawk Rubber Sales has four strategically located distribution centers across the U.S. In 2021, Mohawk's revenues were $65 million.
- Mohawk will be integrated into Myers' Distribution segment. The company expects the deal to be accretive to earnings in 2023 and provide both growth and cost synergy opportunities.
- MYE financed the deal with its revolving credit facility. It held $17.6 million in cash and equivalents as of March 31, 2022.
- Price Action: MYE shares are trading higher by 2.77% at $24.46 on the last check Wednesday.
