Message #5 From:
NewsBot Date: September 25, 2006 09:52:00 AM
EML News The Eastern Company Purchases Assets and Business of Royal Lock Corporation
NAUGATUCK, Conn.--(BUSINESS WIRE)--The Eastern Company (AMEX-EML) (“Eastern”)
today announced that it has purchased the assets and business of Royal
Lock Corporation (“Royal Lock”)
of Wauconda, Illinois. Royal Lock is a supplier of cam locks, switch
locks, padlocks, latches, handles and specialty hardware parts. Its
products are sold to numerous OEM’s in several
market segments, including automotive, recreational vehicles and
furniture as well as electronics and fabricated metal parts producers.
Royal Lock’s capabilities provide customized
solutions to an unlimited range of lock and specialty part requirements
and the company will operate as a division of the Security Products
Group of Eastern.
Leonard F. Leganza, President and CEO of Eastern stated, “We
anticipate that the acquisition of Royal Lock will broaden our range of
lock and hardware products as well as distribution capabilities. The
combined customer base will also benefit from the expanded engineering
team and its link to our China manufacturing source in the development
of new products.”
“We are excited to be combining with the
Security Product Group of The Eastern Company,”
stated Larry Freck, the President of Royal Lock. “Together,
we will have a stronger market presence, broader product range and
enhanced technological expertise. Royal Lock believes this combination
further demonstrates our continuing commitment to complete customer
satisfaction.”
The Eastern Company is a 148-year-old manufacturer of industrial
hardware, security products and metal castings.It operates from
nine locations in the U.S., Canada, Mexico, Taiwan and China.The
diversity of the Company’s products helps it
to respond to the changing requirements of a broad array of markets.
Jordan, Knauff & Company (“JKC”),
an investment bank in Chicago, Illinois, served as advisor to Royal Lock
in the sale of its assets to The Eastern Company.JKC specializes
in advising companies with $15 to $150 million in revenues regarding
acquisitions, sales and the private placement of debt and equity capital.
Forward-Looking Statements:
Information in this news release contains statements which reflect the
Company’s current expectations regarding its
future operating performance and achievements. Actual results may differ
due to the many economic uncertainties that affect the Company’s
business environment. Further information about the potential factors
which could affect the Company’s financial
results are included in the Company’s reports
and filings with the Securities and Exchange Commission. The Company is
not obligated to update or revise the aforementioned statements for
those new developments.
