The Eastern Company Acquires Ashtabula Industrial Hardware Company

2/1/2000 9:34:00 AM

NAUGATUCK, Conn.--(BUSINESS WIRE)--Feb. 1, 2000--The Eastern Company (AMEX:EML) recently announced the acquisition of the Ashtabula Industrial Hardware Corporation of Ashtabula, Ohio. Terms of the acquisition are not being disclosed.

Ashtabula Hardware is a major supplier of door controls and latches for the school and transport bus market. The product lines will become a part of the Eberhard Manufacturing Company, a division of The Eastern Company. Eberhard Manufacturing Company in Cleveland, OH is a leading manufacturer of locking and latching devices for a wide range of vehicular and industrial end use markets.

"The Ashtabula product line complements our current product line very nicely," explained Frank Breker, Managing Director of Eberhard Manufacturing and Vice President of The Eastern Company. "This acquisition will open up a niche opportunity to expand Eberhard's current product lines into markets we want to further penetrate. Ashtabula products are well engineered and provide excellent value to their customers," he added.

Eberhard Manufacturing plans to integrate the manufacturing of the products into its Strongsville, Ohio plant. "The product lines lend themselves very well to our manufacturing process," explained Mr. Breker. "We anticipate a smooth transition."

The Eastern Company manufactures and markets a broad range of locks, latches, fasteners and other security hardware that meets the diverse security and safety needs of industrial and commercial customers. Headquartered in Naugatuck, CT, the Company has seven manufacturing locations in the U.S.A., Canada, Mexico, China, and Taiwan.