Acme United Corporation (NYSE AMEX:ACU) announced today the acquisition of selected assets of The C-Thru Ruler Company, a leading supplier of drafting, measuring, lettering and stencil products. Acme will not be purchasing the scrap booking business, which was part of the company and will be operated separately.
C-Thru Ruler’s non-scrap booking revenues in 2011 were approximately $2.7 million. Acme United purchased the inventory, tooling, brands, and other intellectual property for approximately $1.47 million. The acquisition is expected to be accretive in 2012.
The C-Thru Ruler Company was formed in 1939 in Hartford, CT by Jennie Zachs, a teacher, who saw the need for transparent measuring tools – rulers, triangles, curves, and protractors. The Company developed a strong reputation in the school and craft markets for high quality measuring devices, and for specialized products for drafting, designing and drawing.
Walter C. Johnsen, Chairman and CEO said, “The C-Thru product line extends the offering of our Westcott cutting and measuring tools. Its customer base strengthens our presence in the school and craft markets. We believe there are substantial opportunities to expand its product placement in our craft, home, hardware, and office distribution channels.”
Mr. Johnsen added that the acquisition will be largely absorbed by existing staff and facilities within Acme United.
ACME UNITED CORPORATION
is a leading worldwide supplier of innovative cutting, measuring and safety products to the school, home, office, hardware and industrial markets. Its leading brands include Westcott®, Clauss®, and Physicians
® 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 impact of current uncertainties in global economic conditions and the ongoing financial crisis affecting the domestic and foreign banking system and financial markets, including the impact on the Company’s suppliers and customers (iii) currency fluctuations (iv) the Company’s plans and results of operations will be affected by the Company’s ability to manage its growth, and (v) other risks and uncertainties indicated from time to time in the Company’s filings with the Securities and Exchange Commission.