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 Greenwald
Greenwald 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 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 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.
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Investor Relations Contacts
The Eastern Company
August Vlak or John L. Sullivan III
203-729-2255
SOURCE: The Eastern Company