Business
The Eastern Company Announces the Sale of Frazer & Jones
NAUGATUCK, CT / ACCESSWIRE / November 22, 2021 / The Eastern Company ("Eastern" or the "Company") (NASDAQ:EML), an industrial manufacturer of unique
About this update from Eastern Company (the)
[{"type":"text","content":"NAUGATUCK, CT / ACCESSWIRE / November 22, 2021 / The Eastern Company (\"Eastern\" or the \"Company\") (NASDAQ:EML), an industrial manufacturer of unique engineered solutions serving commercial transportation, logistics, and other industrial markets, today announced that it has sold its Frazer & Jones foundry business (\"Frazer & Jones\").August Vlak, Eastern's President & CEO, said that \"the divestiture of Frazer & Jones is part of our ongoing work to streamline our portfolio of businesses and build scale in our largest businesses, which we believe will accelerate Eastern's growth and strengthen our operating margins. With the sales of Greenwald Industries this month, and Canadian Commercial Vehicles and Sesamee Mexicana last year, this transaction further strengthens our focus on our three core businesses.\"Mr. Vlak added, \"in August this year, we announced our intent to divest our non-core businesses and began reporting these businesses as discontinued operations. We are pleased to complete two transactions, within approximately three months of our announcement.\"Mr. Vlak concluded, \"we plan to allocate the majority of the proceeds from this transaction to debt reduction and share repurchases, under our 10b5-2 plan.\"The terms of the transaction were not disclosed.About Frazer & JonesFrazer & Jones is a high quality ductile and malleable iron foundry that has been in business for over 150 years in Syracuse, New York. The foundry produces approximately 90 million castings per year.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 from locations in the U.S., Canada, Mexico, U.K., 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 \"...