Company that makes presidential pens sold

Markets Associated Press

A Rhode Island company that has supplied many of the pens used by President Donald Trump and his predecessors to sign executive orders has been sold.

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WPRI-TV reports that A.T. Cross Co. was sold to the Los Angeles-based private equity firm Transom Capital Group. The sale price was not disclosed.

Transom confirms that they are cutting some jobs, but did not say how many.

A.T. Cross officials say the company has provided pens to presidents at least since the administration of Gerald Ford. It was once a major Rhode Island employer but now makes most of its pens in China.

Previous owners Clarion Capital Partners bought the company in 2013 for $60 million.

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Information from: WPRI-TV, http://www.wpri.com