FAIRFIELD, Conn.--(BUSINESS WIRE)--
Acme United Corporation (NYSE MKT:ACU) today announced the purchase of a manufacturing and distribution center in Rocky Mount, North Carolina for $2.8 million. It was acquired from the Chapter 7 bankruptcy liquidation of RoomStore, Inc.
The property consists of 340,000 square feet of office, manufacturing, and warehouse space on 33 acres. The warehouse has 40 foot ceilings with 27 bay doors. It adjoins a CSX railroad spur, is convenient to major interstate highways and ports, and is 30 miles from the Company’s Fremont, NC plant. The facility will be used to consolidate two distribution centers and to provide space for manufacturing and growth.
Walter C. Johnsen, Chairman and CEO said, “The property is assessed for taxes at $5.9 million and has an estimated replacement cost of $13.5 million. We anticipate an investment of approximately $500,000 to upgrade the buildings and equipment in the coming quarters, and about $300,000 in one-time, double running costs and moving expenses through year end. We expect to begin to generate savings in 2014.”
Mr. Johnsen said he would like to thank the Rocky Mount City Council, the Carolinas Gateway Partnership, the North Carolina Department of Commerce, and the Edgecombe County Board of Commissioners for their support, and for assistance with financial incentives for growth. These partnerships and collaboration of support were key to the decision to locate and expand in Rocky Mount.
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®, 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 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.
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Paul G. Driscoll, 203-254-6060