The Eastern Co (EML) Announces 200K Share Buyback
The Eastern Company (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 August 20, 2028. 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.
The Company previously repurchased 140,000 shares of the 200,000 shares authorized on the share repurchase plan that was authorized on May 3, 2018 and expired on May 2, 2023.
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. Mark Hernandez, the Company’s President, and CEO, added that, “our share repurchase program emphasizes our commitment to returning value to our shareholders, as we execute on our long-term growth strategy.”
