0001026608-13-000049.txt : 20130426 0001026608-13-000049.hdr.sgml : 20130426 20130426165553 ACCESSION NUMBER: 0001026608-13-000049 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20130426 ITEM INFORMATION: Entry into a Material Definitive Agreement ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20130426 DATE AS OF CHANGE: 20130426 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: 13788065 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 acu_8k042613.htm 8-K acu_8k042613.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 26, 2013
 
 
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))

1
 
ITEM 1.01.  Entry into a Material Definitive Agreement
 
On April 25, 2013, the Company announced that it had amended its loan agreement with HSBC Bank, N.A. dated April 5, 2012.  The new agreement increases the borrowing limit to $40 million from $30 million. The interest rate remains the same at LIBOR plus 1.75%. The agreement expires on April 5, 2017.  A copy of the press release is attached as exhibit 99.1 to this current report.

 
 
(c)           Exhibits
 
Exhibit Number Description
   
Press release dated April 25, 2013.
 
 
 
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 26, 2013
  
     
     
 By  /s/  Paul G. Driscoll  
 
Paul G. Driscoll
Vice President and
Chief Financial Officer
  
     
Dated:   April 26, 2013
  
 

 2
EX-99.1 2 acu_8k042613ex991.htm EXHIBIT 99.1 acu_8k042613ex991.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 25, 2013  
 

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.