Profile: Eastern Co (EML.OQ)
22 Apr 2014
The Eastern Company, incorporated in October, 1912, is engaged in the manufacture and sale of industrial hardware, security products and metal products from four United States operations and six wholly owned foreign subsidiaries. The Company maintains ten physical locations. The Company operates in three segments: Industrial Hardware, Security Products and Metal Products. The Industrial Hardware segment consists of Eberhard Manufacturing, Eberhard Hardware Manufacturing Ltd., Canadian Commercial Vehicles Corporation, Eastern Industrial Ltd. and Sesamee Mexicana, S.A. de C.V. The Security Products segment is made up of Greenwald Industries, Illinois Lock Company/CCL Security Products/Royal Lock, World Lock Company Ltd. and World Security Industries Ltd. The Metal Products segment is based at the Company’s Frazer & Jones facility.
The industrial hardware segment units design, manufacture and market a diverse product line of industrial and vehicular hardware throughout North America. The segment’s locks, latches, hinges, handles, lightweight honeycomb composite structures and related hardware can be found on tractor-trailer trucks, moving vans, off-road construction and farming equipment, school buses, military vehicles and recreational boats. They are also used on pickup trucks, sport utility vehicles and fire and rescue vehicles. In addition, the segment manufactures a selection of fasteners and other closure devices used to secure access doors on various types of industrial equipment, such as metal cabinets, machinery housings and electronic instruments.
Eastern Industrial expands the range of offerings of this segment to include plastic injection molding. Typical products include passenger restraint locks, slam and draw latches, dead bolt latches, compression latches, cam-type vehicular locks, hinges, tool box locks, light-weight sleeper boxes for Class eight trucks and school bus door closure hardware. The products are sold directly to original equipment manufacturers and to distributors through a distribution channel consisting of in-house salesmen and outside sales representatives. The industrial segment sells its products to an array of markets, such as the truck, bus and automotive industries, as well as to the industrial equipment, military and marine sectors.
The Security Products segment manufactures electronic and mechanical locking devices, both keyed and keyless, for the computer, electronics, vending and gaming industries. The segment also supplies its products to the luggage, furniture, laboratory equipment and commercial laundry industries. Greenwald manufactures and markets coin acceptors and other coin security products used primarily in the commercial laundry markets, as well as hardware and accessories for the appliance industry. In addition, the segment provides a level of security for the access control, municipal parking and vending markets through the use of smart card technology.
Greenwald’s products include timers, drop meters, coin chutes, money boxes, meter cases, smart cards, value transfer stations, smart card readers, card management software, access control units, oven door latches, oven door switches and smoke eliminators. Illinois Lock Company/CCL Security Products/Royal Lock sales include cabinet locks, cam locks, electric switch locks, tubular key locks and combination padlocks. Many of the products are sold under the names SEARCHALERT, PRESTOSEAL, DUO, WARLOCK, SESAMEE, BIG TAG, PRESTOLOCK and HUSKI. These products are sold to original equipment manufacturers, distributors, route operators and locksmiths.
The Metal Products segment produces expansion shells for use in supporting the roofs of underground mines. This segment also manufactures specialty malleable and ductile iron castings. Typical products include mine roof support anchors, couplers for railroad braking systems, adjustable clamps for construction and fittings for electrical installations. Mine roof support anchors are sold to distributors and directly to mines, while specialty castings are sold to original equipment manufacturers.
112 BRIDGE ST
P O Box 460
NAUGATUCK CT 06770