AKRON, Ohio— Myers Industries Inc. announced plans to optimize its manufacturing operations for its material handling segment.
Specifically, the company says it will streamline manufacturing processes and workflows, expand forecasting and inventory management programs and improve raw-material utilization to reduce cost and waste.
Aimed at reducing costs and improving long-term operating performance, the program at Myers is expected to result in pre-tax savings of approximately $13 to $16 million on an annualized run-rate basis, with approximately 20% of the savings beginning to appear in the second half of 2009. The company expects to incur pre-tax cash expenses of approximately $5 to $7 million this year.
Myers produces the Buckhorn and Akro-Mils brands of reusable containers.