EASTERN COMPANY (THE)

EASTERN COMPANY (THE)

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Company Overview
The Eastern Company, founded in 1858, is a manufacturer of industrial hardware, security products and metal castings. It has its registered business address located in Naugatuck, Connecaticut, United States. The company organizes its business through three segments: security products, industrial hardware, and metal products.
The security products segment manufactures and markets electronic and mechanical locking devices, including keyed and keyless devices, for the computers, electronics and vending and gaming industries. This segment is a leading producer of keyless locks sold under well-known brand names such as Sesamee, Presto and Huski. It also offers coin acceptors and other coin security products used primarily in the commercial laundry market; hardware and accessories for the appliance industry; and security for the access control, municipal parking, and vending markets through the use of smart card technology. Further, its products include timers, drop meters, coin chutes, money boxes, meter cases, smart cards, value transfer stations, smart card readers, card management software, access control units, oven door latches, oven door switches, and smoke eliminators.
The industrial hardware segment produces industrial and vehicular hardware, including passenger restraint locks, slam and draw latches, dead bolt and compression latches, cam-type vehicular locks, hinges, tool box locks, light-weight sleeper boxes, and school bus door closure hardware. Its products are used in tractor-trailer trucks, moving vans, off-road construction and farming equipment, school buses, military vehicles, recreational boats, pickup trucks, sport utility vehicles, and fire and rescue vehicles. This segment also offers fasteners and other closure devices, as well as injection molding.
The metal products segment manufactures anchoring devices for supporting underground mine roofs, continues to be the recognized leader in the production of these critical safety devices for the United States, Canadian and Australian mining industries. Its products include mine roof support anchors, couplers for railroad braking systems, and adjustable clamps for construction and fittings for electrical installations. This segment also manufactures specialty products, which serve the construction, automotive and electrical industries.
Furthermore, The Eastern Company also has operations in Canada, Mexico, Taiwan and China. The company’s shares are listed on the American Stock Exchange and traded under the symbol EML.
Business Summary
The Eastern Company is engaged in the manufacture and sale of industrial hardware, security products and metal products from the four United States operations and six wholly owned foreign subsidiaries. The Company maintains nine physical locations. The Company operates in three business segments: Industrial Hardware, Security Products and Metal Products.
Description and history
The Eastern Company, incorporated in October 1912, is engaged in the manufacture and sale of industrial hardware, security products and metal products from the four United States operations and six wholly owned foreign subsidiaries. The Company maintains nine physical locations. The Company operates in three business segments: Industrial Hardware, Security Products and Metal Products.

Industrial Hardware

The industrial hardware segment produces latching devices for use on industrial equipment and instrumentation, as well as a range of hardware designed for truck bodies and other vehicular type equipment. The segment consists of Eberhard Manufacturing, Eberhard Hardware Manufacturing Ltd., Canadian Commercial Vehicles Corporation, Eastern Industrial Ltd. and Sesamee Mexicana, S.A. de C. The unit designs, manufactures and markets a product line of industrial and vehicular hardware throughout North America. The segment’s locks, latches, hinges, handles, lightweight honeycomb composite structures and related hardware can be found on tractor-trailer trucks, moving vans, off-road construction and farming equipment, school buses, military vehicles and recreational boats. They are also used on pickup trucks, sport utility vehicles and fire and rescue vehicles. In addition, the segment manufactures a selection of fasteners and other closure devices used to secure access doors on various types of industrial equipment, such as metal cabinets, machinery housings and electronic instruments.

The products include passenger restraint locks, slam and draw latches, dead bolt latches, compression latches, cam-type vehicular locks, hinges, tool box locks, light-weight sleeper boxes for Class 8 trucks and school bus door closure hardware. The products are sold directly to original equipment manufacturers and to distributors through a distribution channel consisting of in-house salesmen and outside sales representatives. The segment sells its products to a range of markets, such as the truck, bus and automotive industries, as well as to the industrial equipment, military and marine sectors.

Security Products

The security products segment manufactures and markets a range of locks for traditional general purpose security applications as well as specialized locks for soft luggage, coin-operated vending and gaming equipment, and electric and computer peripheral components. The segment also manufactures and markets coin acceptors and metering systems to secure cash used in the commercial laundry industry and produces cashless payment systems utilizing advanced smart card technology.

The segment is made up of Greenwald Industries, Illinois Lock Company/CCL Security Products/Royal Lock, World Lock Company Ltd. and World Security Industries Ltd. The segment manufactures electronic and mechanical locking devices, both keyed and keyless, for the computer, electronics, vending and gaming industries. The segment also supplies its products to the luggage, furniture, laboratory equipment and commercial laundry industries. Greenwald manufactures and markets coin acceptors and other coin security products used primarily in the commercial laundry markets, as well as hardware and accessories for the appliance industry. In addition, the segment provides a new level of security for the access control, municipal parking and vending markets through the use of smart card technology.

Greenwald’s products include timers, drop meters, coin chutes, money boxes, meter cases, smart cards, value transfer stations, smart card readers, card management software, access control units, oven door latches, oven door switches and smoke eliminators. Illinois Lock Company/CCL Security Products/Royal Lock sales include cabinet locks, cam locks, electric switch locks, tubular key locks and combination padlocks. The products are sold under the names SEARCHALERT, PRESTOSEAL, DUO, X-STATIC, EXCALIBUR, WARLOCK, LITE LOCK, SESAMEE, BIG TAG, PRESTOLOCK and HUSKI.

Metal Products

The metal products segment produces anchoring devices used in supporting the roofs of underground coal mines and specialty products, which serve the construction, automotive and electrical industries. The segment is based at the Company’s Frazer & Jones facility. The segment also manufactures specialty malleable and ductile iron castings. The products include mine roof support anchors, couplers for railroad braking systems, adjustable clamps for construction and fittings for electrical installations. Mine roof support anchors are sold to distributors and directly to mines, while specialty castings are sold to original equipment manufacturers.

Business Line
Manufacturer of industrial hardware, security products and metal castings
Subsidiary
CANADIAN COMMERCIAL VEHICLES CORPORATION
Advisor
FIONDELLA, MILONE & LASARACINA
IPO date
3/17/1992
US SIC Code
3499
Company Address
P.O. Box 460
112, Bridge Street
City province or state postal code
06770, NAUGATUCK, CT
Phone: +1 203 729 2255
Fax: +1 203 723 8653
Country address: UNITED STATES OF AMERICA
Website url: www.easterncompany.com