Eastern Strengthens Its Security Products Segment with the Acquisition of Certain Assets of Load N Lock
06/04/2018 14:10:58 PM
NAUGATUCK, Conn.--(BUSINESS WIRE)--Jun. 4, 2018--
The Eastern Company (NASDAQ-EML) (the “Company” or “Eastern”), a
diversified provider of niche industrial products and services, today
announced that it has acquired specific assets of Load N Lock Systems,
Inc., (“Load N Lock”) including products and intellectual property. The
Company did not disclose the terms of the transaction.
Load N Lock is a leader in innovative truck cap and tonneau cover locks
that keep truck contents safe and secure. Load N Lock developed and
patented the first integrated power lock for the industry and has
developed numerous truck cap and tonneau cover lock related products.
Load N Lock provides its innovative products and solutions to the
industry’s leading manufacturers in the United States and Asia.
Load N Lock will operate as a part of Eastern’s Illinois Lock Company
(“ILC”), a part of Eastern’s Security Products Segment. According to Mr.
Jeffrey Fleming, ILC’s Managing Director, “The acquisition of Load N
Lock solidifies ILC’s position as a leading supplier of engineered
access and security hardware in the vehicle accessory segment, a core
growth market for ILC. Moreover, Load N Lock’s intellectual property and
product platforms accelerate ILC’s new product development efforts and
shorten the commercialization process for both core and adjacent
opportunities”. Mr. Fleming continues that “the acquisition of Load N
Lock’s assets is a step forward in the execution of our 3-year growth
Mr. Matt Lepard, President of Load N Lock added that, “we are excited
about this transaction and believe it is a big win for all our
customers. We believe that, together, ILC and Load N Lock can bring
additional capabilities to our customers and take our relationships to a
Mr. August Vlak, the Company’s President and CEO, said that “this
transaction further strengthens and builds scale in our ILC business and
reflects our strategy for creating long-term shareholder value by
investing in our best businesses through targeted acquisitions.
Moreover, we believe that the acquisition will be immediately accretive,
excluding the impact of one-time expenses”.
Eastern is a 160-year-old diversified provider of custom-engineered
niche industrial products and services, including industrial hardware,
security products and metal castings. The Company operates from 13
locations in the U.S., Canada, Mexico, Taiwan, and China.
Safe Harbor for Forward-Looking Statements
Statements in this document about the Company’s future expectations,
beliefs, goals, plans or prospects constitute forward-looking statements
within the meaning of the Private Securities Litigation Reform Act of
1995. Any statements that are not statements of historical fact
(including statements containing the words “believes”, “plans”,
“anticipates,” “expects,” “estimates” and similar expressions) should
also be considered to be forward-looking statements. There are a number
of important factors that could cause actual results or events to differ
materially from those indicated by such forward-looking statements,
including those set forth in the Company’s reports and filings with the
U.S. Securities and Exchange Commission. The Company is not obligated to
update or revise any forward-looking statements as a result of
developments occurring after the date of this document.
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Source: The Eastern Company
The Eastern Company
August Vlak or John L.
Sullivan III, 203-729-2255