Myers Industries Inc.’s year 2000 net sales reached a record $652.7 million, a 12% increase from $580.8 million in 1999.
However, Myers’ annual net income dropped 23% from $31.2 million in 1999 to $24 million.
The Akron, Ohio-based company’s fourth-quarter net sales were $171.3 million, up 3% from $166.6 million during the same period the previous year. But net income dropped 54% to $4.5 million.
Stephen Myers, Myers Industries’ president and CEO, blamed profitability losses on rising raw material costs, decline in heavy truck production, “softness in the United States automotive aftermarket,” and other factors.
