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November 6, 2024

Shelton engineering company names new CEO, sheds business in strategic review

COSTAR The Eastern Co. has its headquarters at 3 Enterprise Drive, Shelton
By Harriet Jones

The Eastern Company, a Shelton-based engineering business, has named a new CEO.

Ryan Schroeder joins the company from his leadership role at Plaskolite, an Ohio-based plastics specialist.

He’s replacing Mark Hernandez who has resigned, after serving as CEO since 2023. Hernandez has also stepped down from the board.

“Ryan brings a track record for growing businesses both organically and through acquisition,” said James Mitarotonda, chair of the board of directors. 

Eastern also announced its third quarter earnings, saying net sales from continuing operations increased some 14% year-over year to $71.3 million. Gross margin from continuing operations increased to 25.5%, up from 24.9% in the third quarter of 2023.
  
Eastern’s businesses, including the Eberhard Manufacturing Company and Velvac, design and manufacture vehicular and industrial hardware, including packaging solutions, access and security hardware, mirrors, and mirror-cameras.

The company has announced it is selling off its Big 3 Mold business as part of a strategic review of its portfolio.

As of Dec. 31, 2023, Eastern said it employed 1,199 full-time employees: 614 in the United States and 585 in other countries.

The company said it leases just under 4,000 square feet of space in Shelton, at 3 Enterprise Drive, for its corporate headquarters.

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