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SHELTON, CT - The Eastern Company (EML), a provider of engineered industrial solutions currently trading at $20.70 per share, has announced the appointment of Chan W. Galbato to its Board of Directors, effective as of May 1, 2025. According to InvestingPro data, the company maintains strong fundamentals with a P/E ratio of 9.65 and a healthy current ratio of 2.58, indicating solid liquidity. Mr. Galbato brings a wealth of experience from his current role as a Director at Electrical Components International, Inc., and as a Senior Advisor to Barington Capital Group, L.P.
With a background that includes executive and board positions at prominent companies such as Cerberus Capital Management, NFI Group, and Albertson’s Companies, Mr. Galbato’s expertise spans across various sectors. His early career highlights include senior roles at Invensys plc and General Electric Company. He holds an M.B.A. from the University of Chicago and a B.A. in Economics from the State University of New York.
James Mitarotonda, the Chairman of The Eastern Company, expressed his enthusiasm for Mr. Galbato’s election to the Board, citing his decades of experience in leading portfolio companies and his tenure as Chief Executive Officer of Cerberus Operations and Advisory Company, LLC. Mitarotonda anticipates that Galbato’s deep industry insight, particularly in manufacturing operations, will lead to valuable contributions to the Board.
The Eastern Company operates in the U.S., Canada, Mexico, Taiwan, and China, managing businesses that design, manufacture, and sell engineered solutions to various markets. The Company focuses on industries with long-term macroeconomic growth opportunities. Despite recent market challenges reflected in a 33.91% decline over the past six months, InvestingPro analysis suggests the stock is currently undervalued, with a 55-year track record of consistent dividend payments demonstrating long-term stability.
This board appointment is based on a press release statement from The Eastern Company and is intended to provide shareholders and the investment community with the latest governance developments within the Company. For deeper insights into EML’s financial health, valuation metrics, and additional ProTips, investors can access the comprehensive Pro Research Report available exclusively on InvestingPro, which covers over 1,400 US stocks with detailed analysis and actionable intelligence.
In other recent news, The Eastern Company reported its Q4 2024 earnings, showing a 4.5% increase in net sales to $66.7 million, though net income for the quarter dropped to $1.6 million from $3.9 million in Q4 2023. For the full year, net income rose by 12% to $13.2 million, with total revenue reaching $272.8 million, a 5% increase year-over-year. Additionally, Eastern Company has expanded its credit capacity by amending its credit agreement, increasing its revolving commitment from $30 million to $50 million, which could provide more financial flexibility for future growth. Shareholders recently approved the election of all seven director nominees and passed a non-binding advisory vote on executive compensation. The company also ratified the appointment of Fiondella, Milone & LaSaracina LLP as its independent auditor for fiscal year 2025. In terms of strategic initiatives, Eastern is focusing on expanding its aftermarket business and enhancing product development. The company has also made leadership changes in key business units to drive growth and operational efficiency.
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