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 Company
The 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 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
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