Myers Industries Completes Divestiture of Brazilian Operations

AKRON, Ohio–(BUSINESS WIRE)–Myers Industries, Inc. (NYSE: MYE) today announced that it has completed
the sale of its Brazilian operating subsidiaries, consisting of Myers do
Brasil and Novel Plasticos, to Novel Holdings – Eireli in consideration
for one U.S. dollar and the assumption of all liabilities and
obligations of the subsidiaries, whether arising prior to or after the
closing of the transaction. This transaction occurs after investing a
considerable amount of effort evaluating strategic alternatives for the
Brazil business.

In connection with the transaction, Myers Industries expects to record a
pre-tax loss of approximately $35 million during the fourth quarter of
2017, primarily related to the write-down of assets and other
transaction-related costs. The Company also expects to realize a cash
tax benefit of approximately $15 million as a result of the write-off of
the Company’s investment in Brazil. No assets or liabilities associated
with the Brazilian entities will be retained by Myers Industries, and
the result of the divestiture is not expected to have a material impact
on the Company’s future operating income performance.

President and Chief Executive Officer Dave Banyard commented, “We are
pleased to have reached this agreement, as this strategic transaction
will allow us to better focus energy and resources on targeted niche
markets where we see opportunities for stronger growth and value
creation for the Company. Our exit from Brazil should improve our future
cash flow generation, and we are also pleased that the transaction will
provide additional value in the form of a meaningful tax benefit.”

The Brazilian operations design and manufacture reusable plastic
shipping containers, plastic pallets, crates and totes used for
closed-loop shipping and storage in Brazil’s automotive, distribution,
food, beverage, and agriculture industries. The combined Brazilian
entities had revenue of approximately $24 million in 2016.

About Myers Industries

Myers Industries, Inc. is an international manufacturer of polymer
products for industrial, agricultural, automotive, commercial and
consumer markets. The Company is also the largest distributor of tools,
equipment and supplies for the tire, wheel and under vehicle service
industry in the U.S. Visit www.myersindustries.com
to learn more.

Caution on Forward-Looking Statements

Statements in this release may include “forward-looking” statements
within the meaning of the Private Securities Litigation Reform Act of
1995. Any statement that is not of historical fact may be deemed
“forward-looking”. Words such as “expect”, “believe”, “project”, “plan”,
“anticipate”, “intend”, “objective”, “goal”, “view” and similar
expressions identify forward-looking statements. These statements are
based on management's current views and assumptions of future events and
financial performance and involve a number of risks and uncertainties,
many outside of the Company's control that could cause actual results to
materially differ from those expressed or implied. Risks and
uncertainties include: raw material availability, increases in raw
material costs, or other production costs; risks associated with our
strategic growth initiatives or the failure to achieve the anticipated
benefits of such initiatives; unanticipated downturn in business
relationships with customers or their purchases; competitive pressures
on sales and pricing; changes in the markets for the Company's business
segments; changes in trends and demands in the markets in which the
Company competes; unexpected failures at our manufacturing facilities;
future economic and financial conditions in the United States and around
the world; inability of the Company to meet future capital requirements;
claims, litigation and regulatory actions against the Company; changes
in laws and regulations affecting the Company; and other risks as
detailed in the Company's 10-K and other reports filed with the
Securities and Exchange Commission. Such reports are available on the
Securities and Exchange Commission's public reference facilities and its
website at www.sec.gov,
and on the Company's Investor Relations section of its website at www.myersindustries.com.
Myers Industries undertakes no obligation to publicly update or revise
any forward-looking statements contained herein. These statements speak
only as of the date made.

Contacts

Myers Industries, Inc.
Monica Vinay, 330-761-6212
Vice
President, Investor Relations & Treasurer