Energy, Raw Material Costs Drive Prices

AKRON, Ohio-Myers Industries Inc. has announced another series of price increases across its business segments to mitigate the unprecedented rise in raw material and energy costs. This latest round of price increases will take effect mid-July, depending on the business segment.

The escalation in raw material costs-and the back-to-back price increases the company has been forced to take from its suppliers-is tied to the unrelenting spikes in energy prices, mainly oil and natural gas.

President and Chief Executive Officer John C. Orr says, "The price increases we implemented in the first and second quarters were simply not enough to offset the magnitude and timing of the costs we are facing. Surging energy and transportation costs led our major suppliers to announce double digit increases for July, on top of similar June increases.

"We must take this action in order to meet the product needs of our customers and to protect our business for the long term. We will continue to assess raw material pricing in this volatile market, which may necessitate further action on our part."

Myers Industries Inc. is an international manufacturer of polymer products for industrial, agricultural, automotive, commercial and consumer markets. It is best known, in the material handling industry, for its Buckhorn pallets and containers. The company is also the largest wholesale distributor of tools, equipment, and supplies for the tire, wheel, and under-vehicle service industry in the U.S. Myers Industries reported net sales of $918.8 million for 2007.

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