FAIRFIELD, Conn., Oct. 26, 2017 (GLOBE NEWSWIRE) -- Acme United Corporation (NYSE American:ACU) today announced the exercise of its option to purchase its First Aid Only manufacturing and distribution center in Vancouver, WA for $4.0 million.
The property consists of 53,000 square feet of office, manufacturing, and warehouse space on 2.86 acres. Built in 1993, the facility is in excellent condition and was recently appraised at $6.25 million. The annual rent net of expenses is $407,000. The purchase was financed by a variable rate mortgage at 3.74%, which will result in additional annual interest expenses of $150,000. After depreciation, the acquisition will be accretive.
Walter C. Johnsen, Chairman and CEO, said, “The option to purchase the facility was part of the First Aid Only transaction we completed in 2014. The commercial real estate market today in Vancouver, Washington is strong, and the purchase represents an excellent value for our shareholders. We expect savings to begin immediately.”
Mr. Johnsen concluded, “We would like to thank HSBC Bank NA, which provided the financing for the transaction, for its support.”
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®, Camillus®, Cuda®, PhysiciansCare®, First Aid Only®, Pac-Kit®, DMT® and Spill Magic®. For more information, visit 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) 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, (v) the Company’s ability to successfully integrate acquired business; and (vi) other risks and uncertainties indicated from time to time in the Company’s filings with the Securities and Exchange Commission.
CONTACT: Paul G. Driscoll
Acme United Corporation
Phone: (203) 254-6060
FAX: (203) 254-6521
55 Walls Drive
Fairfield, CT 06824