Business
The Eastern Company Announces Reorganization And New Leadership Appointments
NAUGATUCK, CT / ACCESSWIRE / August 6, 2020 / The Eastern Company ("Eastern" or the "Company") (NASDAQ:EML), an industrial manufacturer of unique engineered
About this update from Eastern Company (the)
[{"type":"text","content":"NAUGATUCK, CT / ACCESSWIRE / August 6, 2020 / The Eastern Company (\"Eastern\" or the \"Company\") (NASDAQ:EML), an industrial manufacturer of unique engineered solutions serving niche industrial markets, today announced the combination of two of its largest businesses and new leadership roles.The Eastern Company is pleased to announce the combining of Eberhard Manufacturing and the Illinois Lock Company into a single company that will be a leader in access and security hardware. \"These two businesses bring a cumulative 230 years of technical sales, engineering, design and manufacturing experience. The combined company will build critical mass within our target markets, deepen our presence with key customers, and accelerate growth by integrating the complementary markets and differentiated products into one industry leading business,\" said Mr. Vlak, Eastern's President & CEO.\"The combined company will also allow us to optimize our manufacturing footprint, streamline our supply chain and capture synergies across our current operations. We expect to complete the process by the second quarter of 2021 and believe that the synergies from this combination will contribute significantly to our bottom line in 2021,\" according to Mr. Vlak.The Company also announces that Jim Woidke will become Eastern's new Chief Operating Officer and Jeff Fleming will become the Managing Director of the combined company, effective September 8, 2020. Jim Woidke joined Eastern in January 2017. Jim has been the Managing Director of the Eberhard Manufacturing Group for the past 3+ years - growing the business and improving its performance significantly during this period. Jim was previously President and COO at SIFCO Industries. Jeff joined Eastern to lead the Illinois Lock Company as the Managing Director in January 2017. Jeff brings an extensive experience in the access hardware industry, including leadership roles at Southco, Inc. and Illinois Tool Works, and he led the transformation of the Illinois Lock Company to expand the Company's position in new growth markets.About The Eastern CompanyThe Eastern Company manages industrial businesses that design, manufacture and sell unique engineered solutions to niche markets, focusing on industries that offer long-term macroeconomic growth opportunities. The Company operates across three reporting segments - ...