EASTERN CO (EML): restructuring charge — Eastern Company to close UK mold tooling facility, record ~$4M Q2 charge

EASTERN CO

Plan to close Associated Tool Makers Ltd. (Farndon, UK) by end of Q3 2023.
Approximately 10 job reductions at the facility; total pre-tax charges $3.5-4.5M.
Cash charges $0.4-0.8M for severance/exit; non-cash charges for accelerated depreciation.
Majority of charges expected in Q2 2023; CEO cites misalignment with profitability goal.

Key facts

Extracted from this filing and checked against the source text.

Restructurings & Charges SEC 8-K Item 2.05/2.06 confidence 0.9

EASTERN CO announced a restructuring with charges of between $3.5 million and $4.5 million affecting Associated Tool Makers Ltd. facility located in Farndon, United Kingdom (approximately 10 job reductions).

Type: restructuring
Charge: between $3.5 million and $4.5 million
Affected area: Associated Tool Makers Ltd. facility located in Farndon, United Kingdom
Headcount: approximately 10 job reductions

Exact text from the filing

The Company expects to substantially complete this plan by the end of the third quarter of 2023 and estimates total pre-tax charges associated with this action to be between $3.5 million and $4.5 million

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6 restructurings & charges filed in the last 30 days. Browse all restructurings & charges →

EASTERN CO filing history →

Source: SEC EDGAR

accession 0001654954-23-005515

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