Message #9 From:
NewsBot Date: November 15, 2006 12:24:00 PM
ACU News Acme United Corporation Announces Promotions
FAIRFIELD, Conn.--(BUSINESS WIRE)--Acme United Corporation (AMEX:ACU) today announced that Walter C.
Johnsen, the President and Chief Executive Officer of the Company since
1995, has been elected Chairman of the Board effective January 1, 2007.
Gary D. Penisten, the current Chairman will become Chairman Emeritus at
the same time. He has served as Chairman since 1996.
Brian S. Olschan has been promoted to President and Chief Operating
Officer effective January 1, 2007. He joined the Company in 1996 and has
served as Executive Vice President and Chief Operating Officer since
1999.
Each of the three individuals is a member of the Board of Directors of
the Company. All three will stand for re-election to the Board at the
annual meeting of shareholders to be held in April 2007.
Mr. Penisten stated that, “Under our senior
management team, during the past five years Acme United’s
sales almost doubled. Net income has more than tripled and the stock
price has increased nearly five times. Innovation has been accelerated.
Products introduced in the last 36 months, including Titanium Bonded
scissors and paper trimmers and iPoint pencil sharpeners, account for
approximately 30% of revenues. We believe Acme United is well poised for
future growth.” Mr. Penisten further stated
that “The promotions of senior management
announced today reflect these accomplishments.”
ACME UNITED CORPORATION is a specialized supplier of cutting
devices, measuring instruments, and safety products for school, home,
office, and industrial use.
