Business
The Eastern Company Further Streamlines its Businesses with the Sale of Sesamee Mexicana
NAUGATUCK, CT / ACCESSWIRE / December 4, 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 / December 4, 2020 / The Eastern Company (\"Eastern\" or the \"Company\") (NASDAQ:EML), an industrial manufacturer of unique engineered solutions serving industrial markets, today announced it sold its Sesamee Mexicana, S.A. DE C.V. (\"Sesamee\") and related Eberworld, S.A. DE C.V. (\"Eberworld\") businesses.August Vlak, Eastern's President & CEO, said that \"the divestiture of Sesamee and Eberworld 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, which we closed earlier this year, and Sesamee, Eastern has now exited the custom-engineered composite panels market.\"Sesamee is based in Lerma, Mexico. The existing management team of Sesamee acquired 100 percent of Sesamee and Eberworld's outstanding shares. Terms of the transaction were not disclosed.About The Eastern CompanyThe Eastern Company manages industrial businesses that design, manufacture and sell unique engineered solutions to industrial markets, focusing on industries that offer long-term macroeconomic growth opportunities. The Company operates across three reporting segments -- Industrial Hardware, Security Products and Metal Products -- 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 \"believes,\" \"intends\", \"continues,\" \"reflects,\" \"plans,\" \"anticipates,\" \"expects,\" and similar expressions, should also be considered to be forward-looking statements. Readers should not place undue reliance on these forward-looking statements, which are based upon management's current beliefs and expectations. These forward-looking statements are subject to risks and uncertainties, and actual results might di...