NAUGATUCK, Conn.--(BUSINESS WIRE)--The Eastern Company (NASDAQ-EML) (the “Company” or “Eastern”), a diversified provider of niche industrial products and services, today announced that it has acquired specific assets of Load N Lock Systems, Inc., including products and intellectual property. The Company did not disclose the terms of the transaction.

Load N Lock is a leader in innovative truck cap and tonneau cover locks that keep truck contents safe and secure. Load N Lock developed and patented the first integrated power lock for the industry and has developed numerous truck cap and tonneau cover lock related products. Load N Lock provides its innovative products and solutions to the industry’s leading manufacturers in the United States and Asia.

Load N Lock will operate as a part of Eastern’s Illinois Lock Company (“ILC”), a part of Eastern’s Security Products Segment. According to Mr. Jeffrey Fleming, ILC’s Managing Director, “The acquisition of Load N Lock solidifies ILC’s position as a leading supplier of engineered access and security hardware in the vehicle accessory segment, a core growth market for ILC. Moreover, Load N Lock’s intellectual property and product platforms accelerate ILC’s new product development efforts and shorten the commercialization process for both core and adjacent opportunities”. Mr. Fleming continues that “the acquisition of Load N Lock’s assets is a step forward in the execution of our 3-year growth plan”.

Mr. Matt Lepard, President of Load N Lock added that, “we are excited about this transaction and believe it is a big win for all our customers. We believe that, together, ILC and Load N Lock can bring additional capabilities to our customers and take our relationships to a new level”.

Mr. August Vlak, the Company’s President and CEO, said that “this transaction further strengthens and builds scale in our ILC business and reflects our strategy for creating long-term shareholder value by investing in our best businesses through targeted acquisitions. Moreover, we believe that the acquisition will be immediately accretive, excluding the impact of one-time expenses”.

About Eastern

Eastern is a 160-year-old diversified provider of custom-engineered niche industrial products and services, including industrial hardware, security products and metal castings. The Company operates from 13 locations in the U.S., Canada, Mexico, Taiwan, and China.