A.T. Cross Company hired an investment firm to explore a possible divestiture of its legacy Cross Accessory Division (CAD), which has overshadowed double-digit growth of its Native and Costa eyewear business.
Rhode Island-based ATX said it engaged C.W. Downer & Co. to explore strategic alternatives for the division, which owns the 257-year Cross pen business and makes other fine writing instruments and personal accessories.
Last month, ATX disclosed that it expected 2012 revenues to rise 3 percent as a 15 percent increase at Cross Optical Group, which owns the Native Eyewear and Costa optical brands, more than offset a 5 percent decline at CAD.
ATX has not made a decision to pursue any specific transaction or any other strategic alternative, and there is no set timetable for the strategic review process.
