April 4 (Reuters) - Eastern Co * Eastern announces the acquisition of Velvac * Eastern CO - deal for $39.5 million plus future earnout based on growth of velvac’s road-iq(tm) business * Eastern - transaction expected to be breakeven including purchase accounting expenses but before one-time transaction costs, in current fiscal year * Eastern co - Velvac will become an independent subsidiary of eastern company * Eastern co - transaction is expected to be accretive to earnings in fiscal 2018 * Eastern co - Jeff Porter, Velvac’s president and ceo, will continue to lead business Source text for Eikon: Further company coverage:
Eastern will acquire heavy duty commercial vehicle part provider Velvac for $39.5m, integrating the company as an independent subsidiary.