UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
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) August 14, 2008
MYERS INDUSTRIES, INC.
(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) |
Registrant’s 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 August 14, 2008, the Board of Directors of Myers Industries,
Inc. (the “Company”) authorized management to move forward with
analyzing and implementing productivity and manufacturing
initiatives in the Company’s Lawn and Garden Segment. These
initiatives will be undertaken over the course of the next twelve
months with the goal of: (i) consolidating manufacturing and
realigning capacity, (ii) improving distribution and supply chain
optimization, and (iii) improving forecasting and workflow and
inventory management programs, each with the intention of
improving productivity and customer service.
The Company expects to incur charges to implement the initiatives
of approximately $23 to $28 million, of which approximately $14
to $17 million are expected to be non-cash charges. The Company
anticipates that the initiatives, once fully implemented, will
generate annualized pre-tax savings of approximately $20 million.
These expenses and any savings generated will be presented in
the Company’s financial statements over the next several
quarters. The Company will make additional disclosure relating
to the specific charges to be incurred by the Company in
connection with any restructuring actions taken as part of these
initiatives at the time such specific charges are determined.
The full text of the press release issued in connection with this
announcement is attached as Exhibit 99.1 to this Current Report
on Form 8-K.
Item 9.01. Exhibit.
99.1 Press Release dated August 18, 2008.
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused
this report to be signed on its behalf by the undersigned hereunto duly authorized.
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Myers Industries, Inc.
(Registrant)
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DATE August 19, 2008
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By:
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/s/ Donald A. Merril |
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Donald A. Merril |
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Vice President, Chief Financial Officer
and Corporate Secretary |
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