Business
The Eastern Company Announces the Sale of Greenwald Industries
NAUGATUCK, CT / ACCESSWIRE / November 4, 2021 / 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 / November 4, 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 Greenwald Industries business (\"Greenwald\").August Vlak, Eastern's President & CEO, said that \"the divestiture of Greenwald 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 sale of Canadian Commercial Vehicles and Sesamee Mexicana, which we completed 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 this transaction today, within three months of our announcement.\"Mr. Vlak concluded, \"We will use most of the proceeds from this transaction to reduce our debt, further strengthening our balance sheet.\"The terms of the transaction were not disclosed.About GreenwaldGreenwald is an OEM manufacturer offering a range of payment solutions from coin-vending products to smart card systems and payment applications. The business is located in Chester, CT.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 \"would\", \"should\", \"may,\" \"will,\" \"believes,\" \"estimates,\" \"intends...