Acme United Corporation Announces Increased Bank Facility
FAIRFIELD, Conn. -- April 25, 2013
Acme United Corporation (NYSE MKT: ACU) today announced that it has amended
its loan agreement with HSBC Bank, N.A., dated April 5, 2012. The current
five-year facility provides for borrowings up to $30 million at an interest
rate of LIBOR plus 1.75%. The amended agreement provides for borrowings up to
$40 million at the same interest rate. The agreement expires on April 5, 2017.
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, “We are very pleased to have
increased our borrowing capacity to help finance expansion of our business.
The Company continues to see many growth opportunities and we are excited
about our prospects. We thank HSBC for their help and support.”
Mr. Johnsen noted that the Company’s interest rate at current levels is
approximately 2 percent.
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® and Pac-Kit®. Visit us at www.acmeunited.com.
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)
changes in the Company’s plans, strategies, objectives, expectations and
intentions, which may be made at any time at the discretion of the Company;
(ii) the impact of uncertainties in global economic conditions, including the
impact on the Company’s suppliers and customers (iii) changes in client needs
and consumer spending habits; (iv) the impact of competition and technological
changes on the company (v) the Company’s ability to manage its growth
effectively, including its ability to successfully integrate any business it
might acquire; (vi) currency fluctuations; and (vii) other risks and
uncertainties indicated from time to time in the Company’s filings with the
Securities and Exchange Commission.
Acme United Corporation
Paul G. Driscoll, 203-254-6060
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