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Wally Weitz Comments on Myers Industries

- By Holly LaFon

Finally, the remainder of purchases were in new holding Myers Industries ( NYSE:MYE ), run by CEO David Banyard (an alum of Roper and Danaher). We see an opportunity for Myers to potentially transform its profile through acquisition and improve its disparate collection of manufacturing businesses (ranging from agricultural seed boxes to fuel cans) through the implementation of lean continuous improvement principles. We built a small initial position and will closely monitor Myers's progress against these grand ambitions. Although a portfolio of only transformational opportunities might not be prudent, in the context of a full portfolio, we think there is room for opportunistic investments like Myers that have the potential to become something greater than the sum of their parts.

From Wallace Weitz (Trades, Portfolio)'s Hickory Fund fourth-quarter 2018 shareholder letter.
This article first appeared on GuruFocus.