A.T. Cross Company is looking at strategic alternatives for its Cross Accessory division, home of the 257-year-old Cross pen business. C.W. Downer & Company will advise the company on possibilities. No definite decision has been made about the fate of the division, and no timetable has been set for action.
The company said that the pen business has been overshadowing the double-digit growth of the Native and Costa eyewear business.
Native and Costa target mainly mountaineers and fishermen, respectively. Together, they form the Cross Optical Group, whose sales grew by 14 percent last year to $83.3 million, generating 24 percent higher operating income of $13.4 million. In the fourth quarter, this group improved its operating results by 126 percent to $1.9 million on 27 percent higher revenues of $16.3 million.