Myers Industries Divests Myers Tire Supply for $30M

What Happened
Myers Industries, Inc. announced on August 31, 2026 that it entered into a Membership Interest Purchase Agreement and sold all membership interests of Myers Tire Supply, LLC (MTS) and its subsidiaries to TAPS Holdings, LLC. The transaction covers the Company’s North American tire supply distribution division, which distributes tires, tools, supplies and automotive shop equipment.

Key Details

• Purchase price: $30,000,000 aggregate consideration, subject to customary post-closing adjustments for cash, indebtedness, net working capital and transaction expenses.
• Closing / Agreement date: August 31, 2026. Buyer purchased all issued and outstanding membership interests of MTS.
• Buyer protections: Buyer obtained buyer-side representation & warranty insurance (RWI) that will be the primary recovery source for certain covered breaches.
• Covenants: Myers agreed to non-compete and non-solicitation restrictions for 36 months after closing, with specified carve-outs for certain international subsidiaries and Patch Rubber Company.

Why It Matters
This sale removes Myers’ North American tire supply distribution business from its portfolio and brings approximately $30M in gross proceeds (subject to adjustment). For investors, the transaction may affect revenue mix and future operating results by divesting a discrete distribution division; the non-compete limits the company’s ability to re-enter that U.S. market for three years. The RWI reduces the likelihood of prolonged post-closing indemnity disputes over breaches of sale representations. The company issued a press release about the transaction, filed as Exhibit 99.1 to the 8-K.