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Eastern Company sells Argo EMS business; terms undisclosed

Oct. 19, 2022 5:23 PM ETThe Eastern Company (EML) StockBy: Jessica Kuruthukulangara, SA News Editor
  • Eastern Company (NASDAQ:EML) said Wednesday it sold its Argo EMS business. Terms were not disclosed.
  • Proceeds will be used to reduce debt and strengthen the firm's balance sheet.
  • Eastern Company (EML) also expects to record a gain on the sale in Q4.
  • "The divestiture of Argo will further streamline our portfolio of businesses and build scale in our largest businesses, which we believe will accelerate Eastern's growth and strengthen our operating margins," said CEO August Vlak.
  • With Argo's sale, Eastern Company (EML) completed the sale of all non-core businesses.

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