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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): December 17, 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 December 17, 2008 Acme United Corporation issued a press release
announcing that it had entered into an agreement to sell property it had owned
in Bridgeport, CT. Details of the transaction are outlined in a copy of the
press release 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 December 17, 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: December 19, 2008
By /s/ PAUL G. DRISCOLL
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Paul G. Driscoll
Vice President and
Chief Financial Officer
Dated: December 19, 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 December 17, 2008
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ACME UNITED CORPORATION ANNOUNCES SALE OF BRIDGEPORT PROPERTY FOR $2.5 MILLION
FAIRFIELD, Conn.--(BUSINESS WIRE)--Acme United Corporation (AMEX:ACU) announced
today that it has sold property it owned in Bridgeport, Connecticut to B & E
Juices, Inc. for $2.5 million. The Company will record a gain of approximately
$300,000 in the fourth quarter from the sale.
The property consists of approximately 4 acres of land and 48,000 sq
feet of warehouse space on the East side of Bridgeport. It was the site of the
original Acme United scissor factory which opened in 1887 and was closed in
1996.
Acme United intends to remediate the property for approximately $1.8
million, based on estimates prepared by its environmental consultants. Legal,
environmental studies, transaction costs, and other expenses totaled
approximately $400,000. The Company has provided the buyer with a mortgage of
$2.0 million at six percent interest, due one year after remediation and
monitoring have been completed and estimated to be 5 years.
B & E Juices intends to make the site its headquarters and primary
warehouse. It has plans to expand its operations on the vacant land.
Walter C. Johnsen, Chairman and CEO said, "We are pleased to have B & E
Juices take ownership of this property. We look forward to working with them as
they develop the land, and bring new jobs into Bridgeport."
The Company also owns 2.3 acres of land on the Pequonnock River in
Bridgeport, which it intends to hold for future development or sale.
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(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.
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