Santander Bank on Tuesday announced that its commercial banking division had closed on a $120 million revolving credit and term loan facility to the Eastern Co. (Nasdaq: EML), a Naugatuck industrial metal products manufacturer serving the hardware, security products and metal-castings market segments.
According to a statement by the bank, the credit financing was undertaken to further strengthen and strategically support Eastern’s acquisition program, in particular its purchase of Big 3 Precision Products Inc. of Centralia, Ill., a niche industry leader in turnkey packaging solutions.
“The Eastern Co.’s multifaceted business epitomizes the type of client that will benefit from our expertise and experience to seamlessly serve all banking and financing needs both in the U.S. and abroad,” said Robert Cerminaro, Santander’s market director for New England middle-market banking, in the statement. “We appreciate the opportunity to support the Eastern Co. and look forward to building our partnership in support of the company’s short- and long-term strategic business objectives.”
Founded in 1858, the Eastern Co. manages industrial businesses that design, manufacture and sell unique engineered solutions to niche markets. Headquartered on Bridge Street in Naugatuck, the company has operations across the U.S., Canada, the UK, Mexico, Taiwan and China.
In September the Eastern Co. acquired 100 percent of the outstanding shares of Big 3 Precision Products and Big 3 Precision Mold Services Inc. from TVV Capital in a deal valued at $81.7 million.
