NAUGATUCK, Conn.--(BUSINESS WIRE)--The Eastern Company (NASDAQ:EML) (the “Company”) announced that its Board of Directors has approved a new share repurchase program authorizing the Company to repurchase up to 200,000 shares of its common stock through May 2, 2023. Under the share repurchase program, the Company may repurchase shares in the open market and may also enter into structured repurchase agreements with third parties.
Mr. James Mitarotonda, the Company’s Chairman, explained that, “the share repurchase program is designed to return value to shareholders and minimize dilution from potential stock issuances related to long-term incentive management compensation.”
Mr. August Vlak, the Company’s President and CEO, added that, “our new share repurchase program emphasizes our commitment to returning value to our shareholders, as we execute on our long-term growth strategy.”
About the Company
The Eastern Company is a 160 year-old manufacturer of industrial hardware, security products and metal castings. It operates from 16 locations in the United States, 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. More information on the Company can be found at www.easterncompany.com
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