(Atlantic, Iowa) – Officials with Myers Industries, Inc., today announced the consolidation of their rotational molding facility in Atlantic with company facilities in Indiana, as part of an effort to reduce costs. Myers Industries said they expect the closures to be completed in 2025 and deliver approximately $5 million in cost savings in 2025.

According to a statement released by the company, production at the site will end in 2024 and the Atlantic plant will officially close December 31, 2025. Approximately 60 full-time employees are based in Atlantic, which was acquired by Myers with its purchase of Elkhart Plastics in 2020. Nearly all the positions will be eliminated by the end of this year. Employees will be given the opportunity to apply for opportunities with other Myers facilities. Current Atlantic customers will be serviced from Myers plants located in Indiana, Ohio, Colorado, or Washington.

Myers Industries President and CEO Mike McGaugh said in a press release:

“Our second-quarter results reflect the Company’s first full quarter with Signature Systems. This business is benefiting from worldwide investments in Infrastructure and helped drive both sequential and year-over-year revenue growth and margin expansion. Signature’s performance outpaced the demand headwinds in the Recreational Vehicle (RV), Marine, and Automotive Aftermarket end markets.

“We continue to focus on growing our Storage, Handling & Protection portfolio, most notably our four power brands: Akro-Mils, Buckhorn, Scepter, and Signature Systems. We believe our increased participation in the Military and Infrastructure end markets will provide meaningful growth for our Company over the next several years.

“At the same time, we are taking actions to reduce costs and increase productivity in the Engineered Solutions and Automotive Aftermarket portfolios. These actions include the consolidation of three distribution centers in our Myers Tire Supply business, as well as today’s announcement of the consolidation of our Atlantic, Iowa, rotational molding facility (Elkhart plastics) into our other rotational molding plants in Indiana. We are able to reduce our footprint and reduce our cost structure, due to the productivity gains we’ve achieved. We expect these closures to be completed in 2025 and deliver approximately $5 million in cost savings in 2025 as well.”

Elkhart Plastics/Myers Industries – Atlantic, Iowa

McGaugh concluded, “As a result of continued trough-like demand conditions in these end markets, we believe it is prudent to lower our full-year adjusted earnings per share guidance to a range of $1.05 to $1.20.”