Myers Industries Adopts 10b5-1 Plan in Conjunction with Share Repurchase Plan
AKRON, Ohio--(BUSINESS WIRE)-- Myers Industries, Inc. (MYE) announced today that it has adopted a Rule 10b5-1 plan (the Plan) for the purpose of repurchasing up to two million shares of its common stock in accordance with the guidelines specified in Rule 10b5-1 of the Securities Exchange Act of 1934. The Plan has been established in connection with the five million share repurchase plan that was previously announced on May 2, 2011.
A plan under Rule 10b5-1 allows a company to repurchase its shares at times when it otherwise might be prevented from doing so under insider trading laws or because of self-imposed trading blackout periods. A broker selected by the Company will have the authority under the terms and limitations specified in the Plan to repurchase shares on the Companys behalf in accordance with the terms of the Plan. Repurchases are subject to SEC regulations as well as certain price, market volume and timing constraints specified in the Plan. Because the repurchases under the Plan are subject to certain constraints, there is no guarantee as to the exact number of shares that will be repurchased under the Plan.
About Myers Industries
Myers Industries, Inc. is an international manufacturer of polymer products for industrial, agricultural, automotive, commercial and consumer markets. The Company is also the largest wholesale distributor of tools, equipment and supplies for the tire, wheel and undervehicle service industry in the U.S. The Company reported net sales from continuing operations of $755.7 million in 2011. Visit www.myersindustries.com to learn more.
Caution on Forward-Looking Statements: Statements in this release may include forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Any statement that is not of historical fact may be deemed "forward-looking." Words such as expect, believe, project, plan, anticipate, intend, objective, goal, view, and similar expressions identify forward-looking statements. These statements are based on managements current views and assumptions of future events and financial performance and involve a number of risks and uncertainties, many outside of the Company's control that could cause actual results to materially differ from those expressed or implied. Risks and uncertainties include: changes in the markets for the Companys business segments; changes in trends and demands in the markets in which the Company competes; unanticipated downturn in business relationships with customers or their purchases; competitive pressures on sales and pricing; raw material availability, increases in raw material costs, or other production costs; future economic and financial conditions in the United States and around the world; ability to weather the current economic downturn; inability of the Company to meet future capital requirements; claims, litigation and regulatory actions against the Company; changes in laws and regulations affecting the Company; the Companys ability to execute the components of its Strategic Business Evolution process; and other risks as detailed in the Companys 10-K and other reports filed with the Securities and Exchange Commission. Such reports are available from the Securities and Exchange Commissions public reference facilities and its web site at http://www.sec.gov, and from the Companys Investor Relations section of its web site, at http://www.myersindustries.com. Myers Industries undertakes no obligation to publicly update or revise any forward-looking statements contained herein. These statements speak only as of the date made.
Myers Industries, Inc.
Monica Vinay, Director of Investor Relations, 330-253-5592
Source: Myers Industries, Inc.Copyright Business Wire 2012