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BUSINESS HIGHLIGHTS
+Added: In the third quarter of 2024, the Company decided to sell Big 3 Mold and determined that the Big 3 Mold business met the criteria to be held for sale and that the assets held for sale qualify for discontinued operations.
+Added: As such, the financial results of the Big 3 Mold business are reflected in our consolidated statements of income as discontinued operations for all periods presented.
+Added: Additionally, current and non-current assets and liabilities of discontinued operations are reflected in the consolidated balance sheets for all periods presented.
On June 29, 2023, the Company acquired certain assets of Sureflex, Inc.
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The closure was completed in the second quarter of 2023.
−Removed: On October 19, 2022, the Company sold its Argo EMS business (“Argo”).
−Removed: Argo supplied printed circuit boards and other electronic assemblies to original equipment manufacturers in various industries, including measurement systems, semiconductor equipment manufacturing, and industrial control, medical, and military products.
Description of Business
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Eastern’s management analyzes and pursues prudent organic growth strategies and works to execute attractive external growth and acquisition opportunities.
−Removed: In addition, Eastern recruits and retains talented managers to operate its businesses.
+Added: In addition, the Company seeks to recruit and retain talented managers to operate its businesses.
We look for leaders who are accountable, maintain cost discipline, act quickly, and build strong followership.
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The Engineered Solutions segment provides engineered solutions to support our customers’ needs primarily in the commercial transportation and logistics markets.
−Removed: The Chief Operating Decision Maker (CODM) uses both segment gross profit and segment profit or loss from operations before interest and income taxes to allocate resources (including employees, property, and financial or capital resources) for the Engineered Solutions segment predominantly in the annual budget and forecasting process.
+Added: The Chief Operating Decision Maker (CODM), who is the Company’s Chief Executive Officer, uses both segment gross profit and segment profit or loss from operations before interest and income taxes to allocate resources (including employees, property, and financial or capital resources) for the Engineered Solutions segment predominantly in the annual budget and forecasting process.
Company Operations
The Engineered Solutions segment consists of Big 3 Precision, including Big 3 Precision Products Inc.
−Removed: (“Big 3 Products”) and Big 3 Mold Services, Inc.
−Removed: (“Big 3 Mold”), and Hallink Moulds, Inc.
+Added: (“Big 3 Products”) and Big 3 Mold, and Hallink Moulds, Inc.
(“Hallink Moulds” or “Hallink”);
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These businesses design, manufacture, and market a diverse product line of custom and standard vehicular and industrial hardware, including turnkey returnable packaging solutions, access and security hardware, mirrors, and mirror-cameras.
−Removed: Big 3 Products and Big 3 Mold’s turnkey returnable packaging solutions are used in the assembly processes of vehicles, aircraft, and durable goods and in the production processes of plastic packaging products, packaged consumer goods and pharmaceuticals.
−Removed: Big 3 Products works with leading OEMs to design and produce custom returnable transport packaging to integrate with OEM assembly processes.
−Removed: Big 3 Mold is a global leader in the design and manufacture of blow mold tools.
+Added: Big 3 Products’ turnkey returnable packaging solutions are used in the assembly processes of vehicles, aircraft, and durable goods and works with leading original equipment manufacturers (“OEMs”) to design and produce custom returnable transport packaging to integrate with OEM assembly processes.
+Added: Big 3 Mold is a global leader in the design and manufacture of blow mold tools and in the production processes of plastic packaging products, packaged consumer goods and pharmaceuticals.
Hallink Moulds is a leader in innovative injection blow mold tooling and is a leading supplier of blow molds and change parts to the food, beverage, healthcare, and chemical industries.
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As such, our management team places significant focus and attention on the attraction, development, and retention of employees, as well as ensuring our corporate culture reflects Eastern’s values, and our Board of Directors (our “Board”) provides oversight for various employee initiatives.
−Removed: Eastern values and our Code of Business Conduct and Ethics guide our actions, reflect our culture, and drive our performance.
+Added: Eastern’s values and our Code of Business Conduct and Ethics guide our actions, reflect our culture, and drive our performance.
We have made and continue to make investments in training, and we have a well-established performance management process.
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We have attained these improvements by fostering a global safety culture supported with regular training and education that includes robust systems and philosophies centered on personal responsibility and accountability.
−Removed: The Board established an Environment, Health, and Safety Committee in 2019.
−Removed: This committee is responsible for reviewing the overall performance of the Company’s health and safety program and making recommendations to management.
+Added: The Board has an Environment, Health, and Safety Committee that is responsible for reviewing the overall performance of the Company’s health and safety program and making recommendations to management.
There is a high level of leadership engagement, ensuring installation and maintenance of appropriate safety equipment at all our manufacturing sites worldwide combined with vigorous reviews of root causation and systemic corrective actions of any safety incidents that may occur.
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No business operation is dependent on any patent, nor would the loss of any patent have any material adverse effect on the Company’s business.
−Removed: The Company’s businesses are not subject to seasonal variations.
Customers of the Company are broad-based by geography and by market, and sales are not highly concentrated by customer.
−Removed: Only one customer exceeded 10% of accounts receivable for each of fiscal 2023 and fiscal 2022.
−Removed: Foreign sales were not significant for the fiscal years 2023 and 2022.
+Added: Only one customer exceeded 10% of accounts receivable for each of fiscal year 2024 and fiscal year 2023.
+Added: Foreign sales were not significant for fiscal years 2024 and 2023.
The Company encounters competition in its business.
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The Company does not anticipate that compliance with federal, state, or local environmental laws or regulations is likely to have a material effect on the Company’s capital expenditures, earnings, or competitive position.
+Added: We anticipate that the new U.S.
+Added: presidential administration will seek to implement a regulatory reform agenda that is significantly different than that of the prior administration, which may impact agency rulemaking and enforcement priorities, which could, in turn, have a material effect on our business.
The Company obtains materials from nonaffiliated domestic sources, as well as from Company-affiliated and unaffiliated sources in Asia.
−Removed: Availability and prices of raw materials and outside services were affected by measures taken in response to the COVID-19 pandemic, as well as by global trade restrictions, for some of the Company’s businesses during 2022.
−Removed: Raw materials and outside services were more readily available in 2023.
−Removed: The Company’s ratio of working capital (current assets less current liabilities) to sales was 25.6% in 2023 and 26.1% in 2022.
+Added: The Company’s continuing operations ratio of working capital (current assets less current liabilities) to sales was 25.1% in 2024 and 25.7% in 2023.
Working capital includes cash held in various foreign subsidiaries.
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The information posted on the Company’s website is not incorporated into this Form 10-K and is not part of this Form 10-K.
−Removed: The Company’s reports filed with, or furnished to, the SEC are also available on the SEC’s website at www.sec.gov.
+Added: The SEC maintains an internet site at www.sec.gov that contains reports, proxy and information statements, and other information regarding issuers that file electronically with the SEC.
+Added: The Company’s reports filed with, or furnished to, the SEC are available on that website.
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.