Eastern Co. Acquires Sungear & Crown Precision for $7.85M, Adds $22.8M Revenue, Enters Aerospace & Defense
EML sits 22% above its 52-week low of $17.61.
Summary
The Eastern Company acquired Sungear and Crown Precision for $7.85 million, adding approximately $22.8 million in trailing twelve-month revenue. This strategic move establishes a fourth operating platform, expanding the company into the attractive aerospace and defense precision manufacturing markets. The acquisition is funded through an existing credit facility, avoiding new capital raises. This follows the company's reported 66% decline in Q1 net income in May, and positions Eastern for potential revenue growth and diversification.
At the time of this announcement, EML was trading at $21.52 on NASDAQ in the Manufacturing sector, with a market capitalization of approximately $129.8M. The 52-week trading range was $17.61 to $26.77. This news item was assessed with positive market sentiment and an importance score of 8 out of 10. Source: ACCESS Newswire.