A.T. Cross agrees to sell its pens and accessories business for $60m

A.T. Cross Co. of Rhode Island, a company long known for its writing instruments, has agreed to sell the accessories business that includes pens for $60 million so it can focus on its sports sunglass brands Costa and Native Eyewear. The buyer is a newly-formed affiliate of Clarion Capital Partners LLC, a New York-based private equity firm. Under the agreement, the Clarion affiliate will assume substantially all the liabilities associated with the division but excluding the US defined benefit pen...