The Eastern Co (EML) Announces the Sale of Frazer & Jones
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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 Frazer & Jones foundry business ("Frazer & Jones").
August Vlak, Eastern's President & CEO, said that "the divestiture of Frazer & Jones 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 sales of Greenwald Industries this month, and Canadian Commercial Vehicles and Sesamee Mexicana 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 two transactions, within approximately three months of our announcement."
Mr. Vlak concluded, "we plan to allocate the majority of the proceeds from this transaction to debt reduction and share repurchases, under our 10b5-2 plan."
The terms of the transaction were not disclosed.
About Frazer & Jones
Frazer & Jones is a high quality ductile and malleable iron foundry that has been in business for over 150 years in Syracuse, New York. The foundry produces approximately 90 million castings per year.
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