Shelton-based manufacturer The Eastern Co. has acquired two California makers of precision components for the aerospace, defense and related industries for nearly $8 million.
Publicly traded Eastern, which makes industrial components used in transportation and logistics, announced Tuesday that it acquired Sungear LLC and Crown Precision for $7.85 million.
The two companies generated approximately $22.8 million in combined revenue in the 12 months ended April 1, according to Eastern.
Eastern said it financed the purchase through its revolving credit facility with Citizens Bank, and that the deal establishes a fourth operating platform within the company.
Its existing businesses include Eberhard Manufacturing, which makes industrial locking hardware; Velvac, a supplier of heavy-duty truck components; and Big 3 Precision, which manufactures blow molds, containers and metal and plastic components.
Sungear and Crown will continue to be led by their existing management teams, Eastern said.
President and CEO Ryan Schroeder said the two companies are a good fit for Eastern and will help drive the company’s continued expansion through acquisitions.
