Acme United Corporation (NYSE AMEX:ACU) today announced that it has renewed its loan agreement with Wells Fargo Bank, N.A. The new two-year facility provides for borrowings up to $20 million at an interest rate of LIBOR plus 2%. The agreement expires on March 31, 2013.
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. We intend to use the facility to finance growth, repurchase shares, and for acquisitions.”
He added that he is pleased to have the support of Wells Fargo Bank, and looks forward to continuing to build the company.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 Physicians Care ®. 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.