Eastern Company closes on loan

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NAUGATUCK — The Eastern Company recently closed on a $120 million revolving credit and term loan with Santander Bank.

The credit financing will further strengthen and support the company’s acquisition program, including its purchase of Big 3 Precision Products Inc., a news release stated.

The Eastern Company in September acquired 100% of the outstanding shares of Big 3 Precision Products, Inc. and Big 3 Precision Mold Services, Inc. for $81.7 million from TVV Capital, a news release stated. Big 3 Precision is a provider of turnkey packaging solutions.

The Eastern Company manages industrial businesses that design, manufacture and sell engineered solutions to niche markets. The company is based in Naugatuck and has locations across North America, Europe and Asia.

Santander Bank, N.A. is a wholly-owned subsidiary of Madrid-based Banco Santander, S.A.