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The Eastern Company Announces Program to Repurchase Up to 200,000 Shares by August 20, 2028
SHELTON, CT / ACCESSWIRE / August 21, 2023 / The Eastern Company (NASDAQ:EML) (the "Company") announced that its Board of Directors has approved a new share
About this update from Eastern Company (the)
[{"type":"text","content":"SHELTON, CT / ACCESSWIRE / August 21, 2023 / The Eastern Company (NASDAQ:EML) (the \"Company\") announced that its Board of Directors has approved a new share repurchase program authorizing the Company to repurchase up to 200,000 shares of its common stock through August 20, 2028. Under the share repurchase program, the Company may repurchase shares in the open market and may also enter into structured repurchase agreements with third parties.The Company previously repurchased 140,000 shares of the 200,000 shares authorized on the share repurchase plan that was authorized on May 3, 2018 and expired on May 2, 2023.Mr. James Mitarotonda, the Company's Chairman, explained that \"the share repurchase program is designed to return value to shareholders and minimize dilution from potential stock issuances related to long-term incentive management compensation.\"Mr. Mark Hernandez, the Company's President, and CEO, added that, \"our share repurchase program emphasizes our commitment to returning value to our shareholders, as we execute on our long-term growth strategy.\"About The Eastern CompanyThe Eastern Company manages industrial businesses that design, manufacture and sell unique engineered solutions to markets. Eastern's businesses operate in industries that offer long-term macroeconomic growth opportunities. The Company operates from locations in the U.S., Canada, Mexico, Taiwan, and China. More information on the Company can be found at www.easterncompany.com.Safe Harbor for Forward-Looking StatementsStatements in this document about our future expectations, beliefs, goals, plans, or prospects constitute forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and the rules, regulations, and releases of the Securities and Exchange Commission. Any statements that are not statements of historical fact, including statements containing the words \"would,\" \"should,\" \"could,\" \"may,\" \"will,\" \"believes,\" \"estimates,\" \"intends,\" \"continues,\" \"reflects,\" \"plans,\" \"anticipates,\" \"expects,\" \"potential,\" \"opportunities,\" or similar terms or variations of those terms or the negative of those terms, should also be considered to be forward-looking statements. Readers should not place undue reliance on these forward-looking statements, which a...