Myers Industries Inc. will be buying Brazilian plastic products maker Plasticos Novel S.A.
The Akron company announced Friday that it expects to complete the purchase of the privately held injection molding company next month. Terms were not disclosed.
Novel, founded in 1975, makes reusable plastic crates and totes for shipping and storage in Brazil’s food and agriculture industries.
It also makes plastic industrial safety products such as safety helmets, ear protection, signs and flooring; traffic control signs and signals; and more.
The company has two factories.
“Novel complements our existing material handling business in Brazil, and has strong ties with industry-leading companies through its reputation for innovation and service,” Myers President and Chief Executive John C. Orr said in the announcement.
“Novel clearly fits our material handling and geographic growth strategy.”
Myers said Novel will become part of its Material Handling Segment, which includes Brazil-based subsidiary Myers do Brasil as well as Buckhorn and Akro-Mils in North America.
Novel said it has about 1,500 “direct and indirect” employees.
Myers shares closed up 15 cents, or 0.9 percent, on Friday to $17.16.
For 2012, Myers stock is up 39 percent.
Company shares are up 67 percent from one year ago.