Myers Industries’ distribution business (a.ka. Myers Tire Supply) saw sales decrease 0.1 percent to $45.01 million in the third quarter of 2013, as sales of new products and services mostly offset lower international sales volume during the quarter. Segment income before taxes rose 28.3 percent to $4.29 million, attributable to a favorable product mix and lower expenses.
In related news, Myers has entered into a purchase agreement for the private placement of notes totaling $100 million with a group of institutional investors. The proceeds will be used to grow key businesses and to repay existing debt.
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