0001026608-12-000035.txt : 20120411 0001026608-12-000035.hdr.sgml : 20120411 20120411171828 ACCESSION NUMBER: 0001026608-12-000035 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20120411 ITEM INFORMATION: Entry into a Material Definitive Agreement ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20120411 DATE AS OF CHANGE: 20120411 FILER: COMPANY DATA: COMPANY CONFORMED NAME: ACME UNITED CORP CENTRAL INDEX KEY: 0000002098 STANDARD INDUSTRIAL CLASSIFICATION: CUTLERY, HANDTOOLS & GENERAL HARDWARE [3420] IRS NUMBER: 060236700 STATE OF INCORPORATION: CT FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-07698 FILM NUMBER: 12754905 BUSINESS ADDRESS: STREET 1: 60 ROUND HILL ROAD CITY: FAIRFIELD STATE: CT ZIP: 06824 BUSINESS PHONE: 203-254-6060 MAIL ADDRESS: STREET 1: 60 ROUND HILL ROAD CITY: FAIRFIELD STATE: CT ZIP: 06824 FORMER COMPANY: FORMER CONFORMED NAME: ACME SHEAR CO DATE OF NAME CHANGE: 19710713 8-K 1 acme_8k041112.htm 8-K acme_8k041112.htm
 
 
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): April 11, 2012
 
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))

 
 
 
ITEM 1.01.  Entry into a Material Definitive Agreement
 
On April 9, 2012 Acme United Corporation issued a press release announcing that it had entered into a new revolving loan agreement with HSBC Bank, N.A.  The new five year facility provides for borrowings up to $30 million at an interest rate of Libor plus 1.75%. The agreement expires on March 31, 2017.  The new loan agreement requires the Company to comply with certain covenants which are customary in this type of agreement. The covenants in the new agreement with HSBC are comparable to those in the previous agreement with Wells Fargo. 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
   
Press release dated April 9, 2012.
 

 
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:  April 11, 2012  
     
     
 By /s/  Paul G. Driscoll  
 
Paul G. Driscoll
Vice President and
Chief Financial Officer
  
     
Dated:  April 11, 2012
  
 
 
 
 2
EX-99.1 2 acme_8k041112ex991.htm EXHIBIT 99.1 acme_8k041112ex991.htm
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   April 9, 2012  
 
 

ACME UNITED CORPORATION ANNOUNCES NEW BANK FACILITY

FAIRFIELD, CONN. – April 9, 2012 – Acme United Corporation (NYSE AMEX:ACU) today announced that it has entered into a new loan agreement with HSBC Bank, N.A. The new five-year facility provides for borrowings up to $30 million at an interest rate of LIBOR plus 1.75%. The agreement expires on March 31, 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 delighted to establish a new banking relationship with HSBC, which has a deep and sophisticated global presence. The new facility expands our access to debt capital from $20.0 million to $30.0 million, reduces our interest costs by 25 basis points, and provides a solid financing platform for growth.”

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®.

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.