Brief: Eastern to acquire Velvac for $39.5 mln

Eastern

04/04/2017 12:00

April 4 (Reuters) - Eastern Co  EML.O  
    * Eastern announces the acquisition of Velvac 
    * Eastern CO - deal for $39.5 million plus future earnout 
based on growth of velvac's road-iq(tm) business 
    * Eastern - transaction expected to be breakeven including 
purchase accounting expenses but before one-time transaction 
costs, in current fiscal year 
    * Eastern co - Velvac will become an independent subsidiary 
of eastern company 
    * Eastern co - transaction is expected to be accretive to 
earnings in fiscal 2018 
    * Eastern co - Jeff Porter, Velvac's president and ceo, will 
continue to lead business 
 
Source text for Eikon:  ID:nBw3D37K5a  
Further company coverage:  EML.O  
 
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