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 Company
The 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 - 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 Statements
Statements 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 differ materially from those discussed in, or implied by, the forward-looking statements. Among the risks and uncertainties that could cause actual results or events to differ materially from those indicated by such forward-looking statements include, but are not limited to, the impact of the ongoing COVID-19 pandemic, including the impact of shutdowns and other restrictions imposed in response to COVID-19 on our supply chain and production and consumer demand for our products, changing customer preferences, lack of success of new products, loss of customers, cybersecurity breaches, changes in competition in our markets, and increased prices for raw materials resulting from tariffs on imported goods or otherwise. There are important, additional factors that could cause actual results or events to differ materially from those indicated by such forward-looking statements, including those set forth in our reports and filings with the Securities and Exchange Commission. We undertake no obligation to update, alter, or otherwise revise any forward-looking statements, whether written or oral, that may be made from time to time, whether as a result of new information, future events, or otherwise.
Investor Relations Contacts
The Eastern Company
August Vlak or John L. Sullivan III 203-729-2255
SOURCE: The Eastern Company
View source version on accesswire.com:
https://www.accesswire.com/600638/The-Eastern-Company-Announces-Reorganization-And-New-Leadership-Appointments
