Acme United Corporation Acquires Assets of Diamond Machining Technology
February 01 2016 - 11:03AM
Business Wire
Provides World-Class Sharpening Solutions for
Professional, Commercial and Individual Users
Acme United Corporation (NYSE MKT:ACU) today announced that it
has acquired the assets of Vogel Capital, Inc., d/b/a Diamond
Machining Technology (“DMT”) for $7.0 million in cash. DMT had
revenues in 2015 of $5.4 million and EBITDA of approximately $1.0
million. The acquisition is expected to be accretive during
2016.
Based in Marlborough, MA, DMT is a leader in sharpening tools
for knives, scissors, chisels, and other cutting tools. The
company, which was founded in 1976 by aerospace engineers, uses
finely dispersed diamonds on the surfaces of its sharpeners, and
holds over 50 patents and trademarks. Its products are popular with
machinists, woodworkers, hunters, fishermen, skiers, chefs, and
gardeners who demand the finest quality sharpening.
Walter C. Johnsen, Chairman and CEO, said, “We are delighted to
welcome DMT’s employees into our corporate family. DMT complements
Acme United’s existing brands and products within the industrial,
hardware, floral, food preparation and sporting goods markets. We
intend to keep the DMT operation in Massachusetts, and expect to
expand the business and distribution through Acme United’s broad
customer base, innovation, and global reach.”
Acme United is the largest worldwide supplier of scissors, and
has strong market presence in high quality knives, fishing tools,
and industrial cutting products sold under the Westcott, Clauss®,
Camillus® and Cuda® brands.
Further information on DMT is available at its website,
www.dmtsharpening.com.
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®, Camillus®, CUDA®, PhysiciansCare
®,Pac-Kit ® and First Aid Only®. 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)
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.
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version on businesswire.com: http://www.businesswire.com/news/home/20160201005986/en/
Acme United CorporationPaul G. Driscoll, 203-254-6060
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