On January 16, 2015, Minerva Advisors LLC announced that in light of The Eastern Company's lack of growth and lack of any clear management succession plan, it is time for the Company to engage in an review of strategic alternatives including hiring an investment banking firm to consider the sale of the Company or substantial changes to the Company's capital structure. In addition, Minerva Advisors stated that it may engage in discussions with members of management and the board of directors of the Company, other shareholders, industry analysts, existing or potential strategic partners or competitors, investment and financing professionals, sources of credit and other third parties regarding a variety of matters relating to the Company, which may include, among other things, the Company's business, management, capital structure and allocation, corporate governance, Board composition and strategic alternatives and direction, and may take other steps seeking to bring about changes to increase shareholder value.