UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
__________________
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): January 27, 2010
ACME
UNITED CORPORATION
(Exact
name of registrant as specified in its charter)
__________________
|
Connecticut
|
001-07698
|
06-0236700
|
|
(State
or other jurisdiction of
incorporation
or organization)
|
(Commission
file number)
|
(I.R.S.
Employer
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))
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1
ITEM
1.01. Entry into a Material Definitive
Agreement
On
January 26, 2010 Acme United Corporation issued a press release announcing that
it had renewed its revolving loan agreement with Wachovia Bank,
N.A. The new two year facility provides for borrowings up to $18
million at an interest rate of LIBOR plus 2%. The agreement expires on January
31, 2012. 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 January 26, 2010.
|
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
Walter C. Johnsen
Chairman
and
Chief
Executive Officer
Dated: January
27, 2010
By /s/ Paul G.
Driscoll
Paul G. Driscoll
Vice
President and
Chief
Financial Officer
Dated:
January 27, 2010
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 January 26, 2010
ACME
UNITED CORPORATION ANNOUNCES NEW BANK FACILITY
FAIRFIELD,
CONN. – January 26, 2010 – Acme United Corporation (NYSE AMEX:ACU) today
announced that it has renewed its loan agreement with Wachovia Bank, N.A. The
new two-year facility provides for borrowings up to $18 million at an interest
rate of LIBOR plus 2%. The agreement expires on January 31, 2012.
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. During the past 12 months, the Company has
repurchased 6% of its outstanding shares and reduced debt.”
He added
that he is pleased to continue to have the support of Wachovia Bank, and looks
forward to continuing to build Acme United through internal growth and
acquisitions.
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 the Securities and Exchange Commission.
1