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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): June 23, 2008
ACME UNITED CORPORATION
(Exact name of registrant as specified in its charter)
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Connecticut 001-07698 06-0236700
(State or other jurisdiction of (Commission (I.R.S. Employer
incorporation or organization) file number) Identification No.)
60 Round Hill Road, Fairfield, Connecticut 06824
(Address of principal executive offices) (Zip Code)
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))
(1)
ITEM 1.01. Entry into a Material Definitive Agreement
On June 24, 2008 Acme United Corporation issued a press release
announcing that it had entered into a new revolving loan agreement with Wachovia
bank. The new two year facility increases availability from $15 million to $20
million, lowers the interest rate from Libor plus 1% to Libor plus 7/8% and
extends the maturity date to June 30, 2010. 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
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99.1 Press release dated June 24, 2008.
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
Dated: June 24, 2008
By /s/ PAUL G. DRISCOLL
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Paul G. Driscoll
Vice President and
Chief Financial Officer
Dated: June 24, 2008
(2)
EXHIBIT 99.1
ACME UNITED CORPORATION NEWS RELEASE
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CONTACT: Paul G. Driscoll
Acme United Corporation
60 Round Hill Road Fairfield, CT 06824
Phone: (203) 254-6060 FAX: (203) 254-6521
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FOR IMMEDIATE RELEASE June 24, 2008
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ACME UNITED CORPORATION ANNOUNCES NEW BANK FACILITY
FAIRFIELD, CONN. - June 24, 2008 - Acme United Corporation (AMEX:ACU)
today announced that it has entered into a new loan agreement with Wachovia
Bank, N.A. The new two year facility increases availability from $15.0 million
to $20.0 million, and lowers the interest rate from Libor plus 1% to Libor plus
7/8%.
The new facility is intended to provide liquidity for growth, share
repurchases, dividends, acquisitions, and other related business activities.
Walter C. Johnsen, Chairman and CEO said, "We are pleased to have the
confidence and support of Wachovia Bank, and look forward to using the enhanced
liquidity to build our business. We believe the current economic environment may
present opportunities where our balance sheet and liquidity could prove
beneficial. Our borrowing rate today based on the new formula is 3.4%."
ACME UNITED CORPORATION is an innovative supplier of cutting devices,
measuring instruments, and safety products for school, home, office and
industrial use. Its leading brands include Westcott(R), Clauss(R), and
PhysiciansCare (R).
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 the Securities and Exchange Commission.