A.T. Cross Company Completes Sale of its Cross Accessory Division

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LINCOLN, R.I.— A.T. Cross Company (NASDAQ: ATX ), a competitor in the writing instrument, stationery and premium sunglass businesses, announced the completion of its previously announced sale of its Cross Accessory Division. The company sold to a newly-formed affiliate of Clarion Capital Partners, LLC for $60 million.

Clarion Capital Partners, LLC will assume all liabilities associated with the Division, excluding the U.S. defined benefit pension plan and other pre-closing environmental matters. A.T. Cross received proceeds of approximately $54 million after capital adjustments and taxes associated with the sale.

The company is now in the process of changing its name to Costa Inc. with no change being made to its NASDAQ symbol, ATX. This change will be formally announced, along with the company’s new logo and website, later this month.

A.T. Cross acquired Costa in 2003 and Native Eyewear in 2008, revenues of which have grown more than tenfold to nearly $100 million, according to A.T. Cross president and CEO, David G. Whalen. The completion of the sale will continue the company’s expansion into the premium sports sunglass business.