Acme United Corporation, a producer of first aid products, cutting implements, sharpening tools, and office supplies based in Shelton announced on March 1 financial figures for the past year.
While sales for 2023 dropped 5 percent from the prior year for a total of $191.5 million, net income increased from $3 million in 2022 to $17.8 million. $9.6 million of that income stemmed from the sale of two product lines, Camillus and Cuda in the fourth quarter of 2023.
Camillus, a knife manufacturing brand with a history dating back to 1876 which once provided bayonets to the US military was sold to Texas-based GSM Outdoors. The sale also included the Cuda product line of knives and tools for fishing and diving.
Chairman and CEO Walter C. Johnsen said in a press release, “We had an outstanding year of strong earnings and achievements in 2023. The sale of Cuda and Camillus in the fourth quarter enabled the Company to focus on our core businesses and reduced our debt by $13 million. The Company successfully completed its previously announced program to reduce inventory by $5 million. We also implemented a series of cost reduction and productivity initiatives that generated approximately $6.5 million in savings, a substantial increase of the initial target of $5 million. As a result, we strengthened our balance sheet, raised our gross margin significantly, and our free cash flow reached a record $24 million. In addition, we gained market share in the first aid and medical business. Our Westcott team successfully introduced new craft and industrial cutting tools.”
