UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of report (date of earliest event reported): February 23, 2011
ACME UNITED CORPORATION
(Exact name of registrant as specified in its charter)
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Connecticut
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001-07698
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06-0236700
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(State or other jurisdiction of
incorporation or organization)
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(Commission file number)
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(I.R.S. Employer
Identification No.)
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60 Round Hill Road, Fairfield, Connecticut
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06824
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(Address of principal executive offices)
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(Zip Code)
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Registrant’s telephone number, including area code: (203) 254-6060
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
[_] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
[_] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
[_] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
[_] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
ITEM 1.01. Entry into a Material Definitive Agreement
On February 23, 2011 Acme United Corporation issued a press release announcing that it had renewed its revolving loan agreement with Wachovia bank. The new two year facility provides for borrowings up to $20 million at an interest rate of LIBOR plus 2%. The agreement expires on March 31, 2013. A copy of the press release is attached as exhibit 99.1 to this current report.
Item 9.01 Financial Statements and Exhibits.
(c) Exhibits
| Exhibit Number | Description |
| 99.1 | Press release dated February 23, 2011. |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
ACME UNITED CORPORATION
| By | /s/ Walter C. Johnsen | |
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Walter C. Johnsen
Chairman and
Chief Executive Officer
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| Dated: February 23, 2011 | ||
| By | /s/ Paul G. Driscoll | |
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Paul G. Driscoll
Vice President and
Chief Financial Officer
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| Dated: February 23, 2011 | ||
2
Exhibit 99.1
ACME UNITED CORPORATION NEWS RELEASE
| CONTACT: | Paul G. Driscoll | Acme United Corporation | 60 Round Hill Road | Fairfield, CT 06824 |
| Phone: (203) 254-6060 | FAX: (203) 254-6521 |
FOR IMMEDIATE RELEASE February 23, 2011
ACME UNITED CORPORATION ANNOUNCES NEW BANK FACILITY
FAIRFIELD, CONN. – February 23, 2011 – Acme United Corporation (NYSE AMEX:ACU) today announced that it has renewed its loan agreement with Wells Fargo Bank, N.A. The new two-year facility provides for borrowings up to $20 million at an interest rate of LIBOR plus 2%. The agreement expires on March 31, 2013.
This facility is intended to provide liquidity for growth, share repurchases, dividends, acquisitions, and other related business activities.
Walter C. Johnsen, Chairman and CEO said, “Acme United continues to generate strong sales, earnings, and cash flow. We intend to use the facility to finance growth, repurchase shares, and for acquisitions.”
He added that he is pleased to have the support of Wells Fargo Bank, and looks forward to continuing to build the company.
ACME UNITED CORPORATION is an innovative supplier of cutting devices, measuring instruments, and safety products for school, home, office, hardware and industrial use. Its leading brands include Westcott®, Clauss®, and PhysiciansCare ®.
Forward-looking statements in this report, including without limitation, statements related to the Company’s plans, strategies, objectives, expectations, intentions and adequacy of resources, are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Investors are cautioned that such forward-looking statements involve risks and uncertainties including without limitation the following: (i) the Company’s plans, strategies, objectives, expectations and intentions are subject to change at any time at the discretion of the Company; (ii) the Company’s plans and results of operations will be affected by the Company’s ability to manage its growth, and (iii) other risks and uncertainties indicated from time to time in the Company’s filings with th
e Securities and Exchange Commission.