Eastern Co. announces acquisition

0
14

NAUGATUCK — The Eastern Co. has acquired Argo Transdata, a Clinton-based maker of printed circuit board assemblies used in medical devices and other applications, Eastern announced late Monday afternoon.

Terms of the transaction to acquire Argo, which has 26 employees, were not disclosed.
The acquisition is expected to increase Naugatuck-based Eastern’s sales by approximately 4 percent, the company said in a news release.

The Argo acquisition represents “a new initiative and further diversification” of Eastern’s markets and security segments, Leonard Laganza, Eastern’s president and CEO, said in the release.

The firm will become part of Eastern’s Security Products Group, which uses printed circuit boards in several of its products, he said.

“We plan to expand this business in the coming years, both organically and through acquisitions of similar and technologically related companies,” Laganza said.

John Hughes, Argo’s outgoing president, said Monday he had co-owned Argo with two silent partners since 2001.

“I believe that Argo’s customers and its employees will be in good hands with the Eastern Co.,” he said in the release.

The Eastern Co. is a 156-year old manufacturer of industrial hardware, security products and metal castings. The publicly traded company operates from 11 locations in the United States, Canada, Mexico, Taiwan and China. It employs 600 people in North America and another 300 in China.