Myers Establishes Long-term Financial Targets - Quick Facts

(RTTNews) - Myers Industries, Inc. (MYE) announced its enterprise strategy focused on growth opportunities in key niche markets and improving operational efficiency to drive strong cash flow growth; established long-term financial targets. The company targets adjusted operating income margin to be: above 8% in fiscal 2018, and above 10% in fiscal 2020. Adjusted EBITDA is expected to be: above $70 million in fiscal 2018; and above $80 million in fiscal 2020.

CEO Dave Banyard stated: "In 2017, we'll continue to identify opportunities to improve our organizational structure and operational efficiency. Specifically, we will begin a consolidation of our manufacturing footprint in Material Handling that we expect to complete by year-end, and we will also be evaluating potential new sourcing partnerships as we seek a more flexible operating model. This strategic initiative will cost approximately $10 million in 2017 and we expect to save approximately the same amount on an annualized basis once the project is completed."

For fiscal 2017, the company anticipates that total revenue will be flat on a constant currency basis.