The Eastern Company
The Eastern Company (NASDAQ:EML) was set up in 1858 and now is headquartered in Naugatuck, Connecticut. The company operates in three segments: Industrial Hardware; Security Products; Metal Products. As of November, 2013 the company owns four main subsidiaries namely Eberhard Hardware Manufacturing Ltd. (Canada); Sesamee Mexicana (Mexico); World Lock Co. Ltd. (Taiwan); World Security Industries Co. Ltd. (Hong Kong).[1][2]
| Public | |
| Traded as | NASDAQ:EML |
| Industry | Small Tools & Accessories |
| Founded | 1858 |
| Headquarters | , |
Key people | Leonard F. Fagenza ( Chief Exec. Officer, Pres, Chairman) (2012.12) |
| Products | security products, metal products, industry hardware |
| Website | www |
History
- In 1858, B.B. Tuttle and J.H. Whittemore established Tuttle & Whittemore iron works.
- During the American Civil War (1861 ~ 1865) the company' products sales grew dramatically. In 1887, the company changed its name to Naugatauk Malleable Iron Company until 1912 when the company was incorporated as Eastern Malleable Iron Company.
- From 1930s to 1960s the company undergone an important revolution in its history. Dibble shut down four of the six plants and used about $800,000 to buy Cleveland's Eberhard Manufacturing Company in 1936. After that in 1944, Eastern bought the Frazer & Jones malleable iron works of Syracuse, New York. Later in 1947 Eastern again bought the Eastern Castings Corporation of Newburgh, New York. After World War II, The company purchased the Pattin Manufacturing Company of Marietta, Ohio in 1955 and shut down Wilmington foundry in 1961. It was also in the same year that the company once again changed its name to The Eastern Company.
- During 1960s-80s and beyond, the company ushered the second tide of acquisition and Divestitures including Wilfrid O. White & Sons, Inc., Thompson Materials Company, Illinois Lock Company of Wheeling and so on.[3]
Products & Services
The Eastern Company focuses on the security products, metal products and industrial hardware.
The Industrial Hardware
Different kinds of locks and latches, hinges, sleeper boxes, and other hardware widely used in vehicles of agriculture, education, military, sports, fire and medical, and some industry markets.
The Security Products
Electronic and mechanical locking devices (such as timers, drop meters, coin security products, smart cards and related equipment and technology, value transfer stations, access control units, and some appliances in kitchen) for electric equipment in consumer market and gaming industries. The company also provides security products such as luggage, furniture, laboratory equipment and commercial laundry.
The Metal Products
Expansion support anchors for the roofs of mines, couplers for railroad braking systems, clamps for construction, and fittings for electrical installations.[1][4]
Operations
Leonard F. Leganza currently serves as the CEO and the President of the company. Here is a list of The Eastern Company, Inc's senior officers and directors (2012.12):[1][4][5]
| NAME | AGE | SINCE | CURRENT POSITION |
|---|---|---|---|
| Leonard F. Leganza | 82 | 2006 | Chairman of the Board, President, Chief Executive Officer |
| John L. Sullivan III | 60 | 2006 | Chief Financial Officer, Vice President |
| Kenneth R. Sapack | n.a | n.a | Chief Accounting Officer and Corp. Controller |
| John W. Everets | 66 | 1993 | Independent Director |
| Charles W. Henry | 63 | 1989 | Independent Director |
| David C. Robinson | 70 | 1990 | Independent Director |
| Donald S. Tuttle III | 64 | 1988 | Bus. Consultant, Director, Member of Audit Committee, Member of Exec. Committee and Member of Compensation Committee |