* 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 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
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