Eastern Company to close European facility

The Eastern Company announced that the Company plans to close Associated Tool Makers, its European mold tooling service facility based in the U.K. As a result, the Company expects to record charges totaling approximately $4.0M in the Q2 for severance and other related costs associated with exiting the business. "After completing a thorough review of Eastern’s business and products, we determined that our mold tooling service in Europe was no longer aligned with our goal of restoring consistent, sustainable profitability. We then conducted a detailed analysis of options and decided the best course of action was to exit this business. We will continue to serve customer needs out of a U.S.-based location," said President and CEO Mark Hernandez. "We remain intently focused on executing numerous initiatives this year to improve profitability and reduce working capital."