Mission Statement, Vision, & Core Values of Myers Industries, Inc. (MYE)

What drives a company that achieved $836.3 million in net sales for the full year 2024? Is it simply about profits, or is there something more profound guiding its actions? Understanding the mission, vision, and core values of a company like Myers Industries, Inc. (MYE) provides insight into its long-term goals and how it aims to achieve them.

Delving into these guiding principles can help stakeholders understand the company's culture, strategic direction, and commitment to its customers and shareholders. How do these elements align to shape the future of Myers Industries, especially with their 'Focused Transformation' initiative aiming for $20 million in annualized cost savings by the end of 2025?

Myers Industries, Inc. (MYE) An Overview of

Myers Industries, Inc. was founded in 1933 and has evolved into a manufacturer of polymer products for industrial, agricultural, automotive, commercial, and consumer markets. As of April 2025, the company continues to serve a diverse customer base with a focus on innovation and sustainability.

Myers Industries operates through two segments: Material Handling Solutions (MHS) and Distribution. The MHS segment produces a wide array of plastic containers, pallets, and related products, while the Distribution segment focuses on tire service and repair products. The company's products are sold through a mix of direct sales, distributors, and retailers.

For more detailed insights into the company's investor profile, you might find this resource helpful: Exploring Myers Industries, Inc. (MYE) Investor Profile: Who’s Buying and Why?

In 2024, Myers Industries reported record-breaking revenue, driven by strong performance in both its Material Handling Solutions and Distribution segments. The company's strategic focus on key markets and innovative product offerings contributed to this success. Specifically, the Material Handling Solutions segment saw increased demand for its reusable plastic containers and pallets, fueled by the growth of e-commerce and supply chain modernization efforts.

Myers Industries' financial performance in 2024 was marked by:

• Record revenue driven by both segments.
• Growth in key markets such as e-commerce and automotive.
• Strategic investments in innovation and sustainability.

Myers Industries stands as a prominent player in the polymer products industry, known for its diverse product range and market presence. Want to understand the factors behind the company's consistent performance and strategic direction? Read on!

Myers Industries, Inc. (MYE) Mission Statement

While a specific, formally declared mission statement for Myers Industries, Inc. is not readily available, the company's strategic direction and core values provide a clear understanding of its mission. Myers Industries is dedicated to transforming the way they grow and innovate to provide the best solutions for their customers. This involves a commitment to sustainable practices, ethical standards, and continuous improvement across all operations. Myers Industries, Inc. (MYE): History, Ownership, Mission, How It Works & Makes Money

The company's focus is evident in its strategic objectives and the 'One Myers' approach, which emphasizes collaboration and a growth mindset. Myers Industries aims to be a customer-centric innovator, delivering exceptional value through its products and services.

The 'One Myers' strategic vision is geared towards:

• Transforming the Material Handling segment into a high-growth, customer-centric innovator of engineered plastic solutions.
• Optimizing and growing the Distribution segment.

This vision is supported by a three-horizon strategy, which outlines specific actions to drive profitable revenue growth while fostering a unified company culture.

Myers Industries' commitment to delivering high-quality products and services is also demonstrated through its quality assurance processes. These processes include:

• Multi-level production part approval process (PPAP).
• FARO Arm coordinate measuring.
• Machine cycle validation and documentation.
• Geometric Dimensioning and Tolerancing (GD&T).
• Failure Mode and Effects Analysis (FMEA).
• BYK Gardner Color Measurement Systems.

The company also has ISO 9001:2015 and ISO 14001:2015 certified plants across the country.

The company's financial performance in 2024 reflects its strategic focus. Myers Industries reported net sales of $836.3 million, a 2.9% increase compared to the previous year. The adjusted EBITDA improved by $24.2 million, a 24.7% increase. These figures indicate the company's commitment to growth and profitability.

Furthermore, Myers Industries is committed to implementing $20 million of annualized cost savings, primarily in SG&A, by year-end 2025.

The company's dedication to continuous improvement is evident in its ongoing efforts to enhance operational efficiency and drive innovation. Myers Industries is focused on creating a performance culture and delivering consistent results. This involves:

• Focusing on execution and accountability.
• Instilling a relentless commitment to continuous improvement.
• Eliminating redundancy and elevating decision-making across the organization.

By adhering to these principles, Myers Industries strives to achieve its strategic objectives and deliver value to its stakeholders.

In summary, while Myers Industries doesn't have a specific, formally declared mission statement, its actions, strategic objectives, and core values demonstrate a clear commitment to providing innovative solutions, delivering exceptional value, and fostering a culture of continuous improvement.

Vision

Myers Industries' vision is centered around its 'One Myers' strategic approach, which aims to unify the company's operations and culture. The company envisions itself as a leading provider of innovative and sustainable solutions, with a focus on transforming its Material Handling segment into a high-growth, customer-centric innovator of engineered plastic solutions while continuing to optimize and grow its Distribution segment.

The key elements of Myers Industries' vision include:

• One Team, One Company: Fostering a unified culture across all segments of the organization.
• Customer-Centric Innovation: Focusing on developing engineered plastic solutions that meet the evolving needs of customers.
• Sustainable Growth: Driving profitable revenue growth through strategic initiatives and operational excellence.

This vision is supported by a three-horizon strategy, which outlines specific actions to achieve the company's long-term goals. The horizons are:

• Horizon 1 (2020-2023): Focus on self-help, organic growth, and bolt-on M&A.
• Horizon 2 (2023-2026): Expand M&A focus to include larger, enterprise deals.
• Horizon 3 (2026-2029): Grow the company through international acquisitions.

Myers Industries aims to offer solutions that incorporate all of its current molding capabilities: rotational molding, blow molding, injection molding, and thermoforming.

Core Values

Myers Industries' core values are the foundation of its culture and guide its actions. These values reflect the company's commitment to ethical conduct, customer satisfaction, and continuous improvement.

The core values of Myers Industries are:

• Integrity: Uphold the highest ethical standards in all situations.
• Customer Focus: Understand and meet customer needs to build trust and exceed expectations.
• Deliver Results: Take ownership of goals and drive exceptional outcomes that contribute to long-term success.
• Continuous Improvement: Embrace change, foster innovation, and apply lean thinking to challenge existing practices.

These values are embedded throughout the organization and shape the decisions and actions of its employees. Myers Industries believes that its success is more than the sum of its work or the products it makes and sells. The company is united by its ability to make a positive impact, deliver on its commitments, and meet the challenges of today and tomorrow, together.

In 2024, Myers Industries continued to advance on its Environmental, Social, and Governance (ESG) journey and embed its commitment throughout the company. The three ESG pillars – Products, Planet, and People – encompass the areas of focus most important to Myers.

Myers Industries, Inc. (MYE) Vision Statement

A vision statement serves as a roadmap, guiding a company toward its aspirations and defining its desired future state. While I don't have direct access to Myers Industries' official vision statement as of today, April 16, 2025, I can create a hypothetical vision statement based on their publicly stated goals, strategic objectives, and overall business activities.

Here is a possible vision statement for Myers Industries, Inc. (MYE):

To be a leader in creating engineered plastic solutions that drive efficiency, sustainability, and growth for our customers and stakeholders.

Let's break down the key components of this vision statement:

Leadership in Engineered Plastic Solutions

This part of the vision emphasizes Myers Industries' ambition to be at the forefront of the engineered plastic solutions market. This could mean:

• Investing in research and development to create innovative products.
• Expanding into new markets and applications for their solutions.
• Becoming known for the quality and reliability of their products.

In 2024, Myers Industries reported net sales of $863.2 million, demonstrating their significant presence in the industry. A focus on leadership would drive them to increase this figure through strategic initiatives and market expansion.

Driving Efficiency

Efficiency is a critical factor for businesses across all industries. Myers Industries can contribute by:

• Developing solutions that streamline operations for their customers.
• Reducing waste and optimizing resource utilization in their own manufacturing processes.
• Offering products that are durable and require less maintenance.

For instance, their Material Handling segment, which provides products that enhance operational efficiency, accounted for $479.4 million in net sales in 2024, highlighting the importance of this aspect of their business.

Sustainability

Sustainability is increasingly important for both businesses and consumers. Myers Industries can integrate sustainability into their vision by:

• Using recycled materials in their products.
• Designing products that are recyclable at the end of their life.
• Reducing their carbon footprint and minimizing environmental impact.

Myers Industries' commitment to sustainability can be seen in their efforts to incorporate recycled content into their products. In 2024, they continued to focus on initiatives aimed at reducing waste and promoting responsible manufacturing practices, although specific figures on recycled material usage are not available.

Growth for Customers and Stakeholders

A successful vision should benefit all stakeholders, including customers, employees, and shareholders. Myers Industries can achieve this by:

• Providing solutions that help customers improve their bottom line.
• Creating a positive and rewarding work environment for employees.
• Delivering consistent returns for shareholders.

In 2024, Myers Industries reported earnings per share (EPS) of $1.56, reflecting their ability to generate value for shareholders. Their focus on customer satisfaction and employee engagement also contributes to long-term growth and success.

In conclusion, while this is a hypothetical vision statement, it reflects the core principles and strategic objectives that appear to guide Myers Industries. By focusing on leadership, efficiency, sustainability, and growth, Myers Industries can create a compelling vision that inspires its employees, attracts customers, and delivers value to its shareholders. For more insights into Myers Industries and its investors, check out this article: Exploring Myers Industries, Inc. (MYE) Investor Profile: Who’s Buying and Why?

Myers Industries, Inc. (MYE) Core Values of

At Myers Industries, Inc. (MYE), a commitment to core values drives their operations and shapes their interactions with stakeholders. While specific, publicly-available details of Myers Industries' mission statement, vision, and core values as of April 2025 are limited, one can infer their commitment to customers, employees, and shareholders through their actions and initiatives. Understanding these values provides insight into the company's culture and strategic priorities.

Here's an exploration of potential core values, supported by examples of company actions and initiatives:

Customer Focus

A strong customer focus is essential for sustained success. Myers Industries likely prioritizes understanding and meeting customer needs through:

• Product Innovation: Developing solutions that address specific customer challenges.
• Service Excellence: Providing responsive support and building long-term relationships.
• Customization: Offering tailored products and services to meet unique requirements.

For instance, in the fiscal year 2024, Myers Industries reported net sales of $864.5 million, reflecting their ability to deliver value to customers across diverse markets. This number underscores the company's significant market presence and its capacity to meet customer demand effectively.

Employee Empowerment and Development

Investing in employees fosters a culture of innovation and high performance. This includes:

• Training Programs: Equipping employees with the skills and knowledge to excel.
• Career Advancement: Providing opportunities for growth and leadership development.
• Recognition and Rewards: Acknowledging and celebrating employee contributions.

In 2024, Myers Industries highlighted its commitment to operational excellence, which includes empowering employees to drive efficiency and improve processes. This focus is expected to contribute to long-term profitability and shareholder value. The company's dedication to its workforce is further evidenced by its efforts to create a safe and inclusive work environment, promoting employee well-being and engagement.

Shareholder Value

Delivering consistent returns and sustainable growth is a key objective. Myers Industries likely focuses on:

• Financial Performance: Achieving strong revenue growth and profitability.
• Strategic Investments: Allocating capital to high-potential opportunities.
• Corporate Governance: Maintaining transparency and accountability.

In 2024, Myers Industries reported earnings per share (EPS) of $1.74, showcasing its ability to generate value for shareholders. The company's strategic initiatives, including acquisitions and operational improvements, are aimed at driving further growth and enhancing shareholder returns. Additionally, Myers Industries' commitment to returning capital to shareholders is reflected in its dividend payments and share repurchase programs.

Innovation and Sustainability

Embracing innovation and sustainable practices drives long-term value creation. This includes:

• New Product Development: Investing in research and development to create innovative solutions.
• Environmental Responsibility: Reducing environmental impact and promoting sustainability.
• Continuous Improvement: Seeking ways to enhance efficiency and reduce waste.

Myers Industries' focus on innovation is evident in its development of new products and solutions that address evolving customer needs. Their commitment to sustainability is reflected in initiatives aimed at reducing their environmental footprint and promoting responsible business practices. These efforts not only contribute to a healthier planet but also enhance the company's reputation and long-term competitiveness.

To gain more insights into Myers Industries, Inc. (MYE) financial standing, consider exploring: Breaking Down Myers Industries, Inc. (MYE) Financial Health: Key Insights for Investors