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     147  0 Kommentare The Eastern Company Provides COVID-19 Business Update

    The Eastern Company (“Eastern”) (NASDAQ:EML), an industrial manufacturer of unique engineered solutions serving niche industrial markets, today provided an update on the impact of the COVID-19 pandemic on the Company's business and the many actions it has taken to respond.

    President and CEO August Vlak commented, "COVID-19 has affected everyone at Eastern. We recognize the health and economic devastation caused by the pandemic. At this time, our top priorities have been to protect the health and welfare of our employees; to continue serving our customers; and to navigate today’s challenges so that we are in a strong position when the environment improves. We have taken decisive actions to mitigate the financial impact to our businesses, to ensure that we continue to maintain ample liquidity and protect our ability to generate long term value for our shareholders. In addition, I am proud of our businesses for finding innovative ways to contribute to the fight against the pandemic in the communities in which they operate.”

    Across the Company, we have implemented a broad range of policies and procedures to ensure that employees across all our locations remain healthy. We listened to and learned a great deal from our colleagues in China, who began feeling the impact of COVID-19 in late 2019, and took early-on decisive action across our North American operations, accordingly. Steps that we have taken to reduce COVID-19 risk to our employees include, among others: implementing social distancing measures, staggering staff and shifts, enabling work from home for as many employees as possible, and implementing an enhanced cleaning program across all sites. We are advising our employees on the importance of wearing face masks to reduce the spread of the coronavirus. We continue to seek and implement additional methods to continue to reduce COVID-19 risk to our employees.

    As of April 10, all our domestic businesses are considered Essential Business or critical suppliers to Essential Business in the nine states where we operate, and 13 of our 18 locations in North America and all of our three Asian locations are operating. While we have experienced some minor disruptions in a few of our locations, at this time, we are able to serve our customers and meet demand for our products.

    The Company has taken decisive action to maintain financial flexibility. We believe that Eastern has a solid balance sheet with ample resources to operate in the current business environment. Our management team has run a range of scenarios for 2020 and 2021, and we believe that the strength of our businesses and the actions we have taken to control our expenses are sufficient to withstand a significant economic downturn. We have suspended all hiring for salaried positions, ceased discretionary spending, temporarily reduced work hours, initiated furloughs, cancelled certain regularly scheduled merit-based salary increases, and limited capital spending to critical maintenance, safety, and regulatory projects. In addition, we are also working closely with our lenders to keep them informed of the developments in our businesses.

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    The Eastern Company Provides COVID-19 Business Update The Eastern Company (“Eastern”) (NASDAQ:EML), an industrial manufacturer of unique engineered solutions serving niche industrial markets, today provided an update on the impact of the COVID-19 pandemic on the Company's business and the many actions …