FAIRFIELD, CONN., May 24, 2018 (GLOBE NEWSWIRE) -- Acme United Corporation (NYSE American:ACU) today announced renewal of its loan facility with HSBC Bank, N.A. at a reduced interest rate.

The agreement provides for borrowings up to $50 million at an interest rate of LIBOR plus 1.75%, and expires on May 24, 2023. The facility is intended to provide liquidity for growth, share repurchases, dividends, acquisitions, and other business activities.

As of March 31, 2018, the Company had outstanding borrowings of $41.1 million under the revolving loan agreement with HSBC. The prior interest rate was LIBOR plus 2.0%.

Walter C. Johnsen, Chairman and CEO said, “We are very pleased to have renewed our loan with HSBC and particularly appreciate the reduction of our base borrowing rate. The Company continues to see many growth opportunities, and this facility better positions us to execute on those opportunities. We thank HSBC for their support and commitment to our business.”

ACME UNITED CORPORATION is a leading worldwide supplier of innovative safety solutions and cutting technology to the school, home, office, hardware, sporting goods and industrial markets. Its leading brands include First Aid Only®, PhysiciansCare®, Pac-Kit®,Spill Magic®, Westcott®, Clauss®, Camillus®, Cuda®, and DMT®. For more information, visit www.acmeunited.com.