AKRON, Ohio (AP) -- Myers Industries Inc. said Wednesday that one of its subsidiaries reached a deal to enter into a joint venture with India-based TVS Automobile Solutions Ltd.
Financial terms were not disclosed, but Myers President and CEO John Orr described the move as a "small investment." He added that the move is in line with the company's plans for the geographic expansion of its distribution business.
The new company, to be called Myers Tyre Supply India Ltd., will distribute tools, supplies and equipment to the Indian automotive aftermarket, Myers said.
Orr noted that his company specializes in providing tools and other products to independent tire dealers and tire retreaders, complementing TVS' focus on equipment sales to automobile dealers in India.
The news comes on the same day that India's Apollo Tyres Ltd. announced plans to buy Ohio-based tire maker Cooper Tire & Rubber Co. for about $2.22 billion.
Shares of Akron, Ohio-based Myers, which makes plastic products for industrial, agricultural, automotive markets, slipped 16 cents to $15.13 in midday trading.
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