UPDATE 1-Myers Industries to close 2 plants, cut 158 jobs

Mon Sep 14, 2009 10:37am EDT

* Myers to close plants in Kentucky, North Carolina * Plants together employ 158 people * Company to incur one-time charge of about $10.6 mln * Shares down 1 pct

Sept 14 (Reuters) - Myers Industries Inc (MYE.N) said it is closing two manufacturing facilities and cut 158 jobs as part of its plan to consolidate production facilities in two business segments, Material Handling and Automotive and Custom.

Myers, which makes rubber and plastic industrial and consumer products, expects to incur total one-time pre-tax expenses of about $10.6 million as a result of the closures, it said in a statement.

The company, which also provides tire dealers and service centers with tools and related accessories, said it will close a plant that makes plastic reusable containers in Kentucky. The plant employs about 88 people. Another plant in North Carolina, which also makes plastic products and employs about 70 people, will also be shut, Myers said. The company expects to close both plants by the end of 2009 and said production from the facilities will be transferred to other operations in North America.

Shares of the company were down 1 percent at 10.02 Monday morning on the New York Stock Exchange. They have traded in a range of $2.80 to $14.20 in the last one year. (Reporting by Hezron Selvi in Bangalore; Editing by Unnikrishnan Nair)