The Eastern Company Declares Regular Quarterly Cash Dividend

    NAUGATUCK, Conn.--Oct. 24, 2001--The Eastern Company (AMEX:EML) today announced the declaration of its regular quarterly cash dividend of eleven cents ($0.11) per share, payable December 14, 2001, to common stock shareholders of record as of November 23, 2001. This represents the Company's 245th consecutive quarterly dividend.
    The Eastern Company is a 143-year-old a leading manufacturer of vehicular and industrial hardware, locks, metal castings, coin collection and smart card products. It operates from nine locations in the U.S., Canada, Mexico, Taiwan and China. The diversity of the Company's products enables it to respond to the changing requirements of a broad array of markets.

    Forward-Looking Statements: Information in this news release contains statements which reflect the Company's current expectations regarding its future operating performance and achievements. Actual results may differ due to the many economic uncertainties that affect the Company's business environment. Further information about the potential factors which could affect the Company's financial result are included in the Company's reports and filings with the Securities and Exchange Commission. The Company is not obligated to update or revise the aforementioned statements for those new developments.