Myers Industries, Inc. (NYSE: MYE) today announced that the two leading proxy advisory firms – Institutional Shareholder Services Inc. (ISS) and Glass, Lewis & Co. LLC (Glass Lewis) – have recommended that shareholders vote FOR the election of all of the Company’s Board of Directors nominees on the WHITE Proxy Card at the 2012 Annual Meeting of Shareholders.
In their analyses, ISS and Glass Lewis conclude that GAMCO Asset Management, Inc., the Company’s shareholder that has nominated two candidates to the Board, has not provided a compelling argument either in favor of its candidates or against the Board recommended nominees, given the Company’s operating performance and share price appreciation. The proxy advisory firms note that GAMCO has offered no plans to improve upon the Company’s ongoing strategy for value creation – a strategy that in 2011 continued a momentum of improved sales, gross margin, income, earnings per share and cash flow, while delivering total shareholder return outperforming the Company’s peer group and the S&P SmallCap 600 Index.
The firms also recommended shareholder approval for ratification of Ernst & Young LLP as the Company’s independent auditors (Proposal 2); and approval for the Company’s executive compensation program (Proposal 3).
The recommendations to vote “FOR” the Company’s WHITE Card were issued to each proxy firm’s respective subscribers. The firms recommended “DO NOT VOTE” on the Blue Card of GAMCO.
The Annual Meeting of Shareholders will be held on April 27, 2012, at 9 a.m. ET, at the Company’s Louis S. Myers Training Center in Akron, Ohio.
If shareholders have any questions, or need assistance in voting shares, please contact the Company’s proxy solicitor, INNISFREE M&A INCORPORATED, TOLL-FREE, at 1-888-750-5834.
About Myers Industries
Myers Industries, Inc. is a diversified, international manufacturer of polymer products for industrial, agricultural, automotive, commercial and consumer markets. The Company is also the largest wholesale distributor of tools, equipment and supplies for the tire, wheel and undervehicle service industry in the U.S. The Company reported net sales of $755.7 million in 2011. Visit www.myersindustries.com to learn more, or visit www.facebook.com/myersindustries to connect with the Company’s social community.