Shelton supplier of cutting, safety tech eyes cuts, price increases as tariffs hit
Shelton-based Acme United Corp. says it is cutting costs and raising prices to deal with the fallout from the Trump administration’s tariff policies.
Acme, which supplies measuring and cutting tools, as well as first aid kits, to schools and a variety of other customers, saw an increase in revenues and net income in the first quarter.
“The current tariff environment is very uncertain and challenging. Our team is working to minimize the impact of these uncertainties to both Acme and our customers,” said CEO Walter C Johnsen in a statement announcing the results. “We expect to reduce costs through supplier negotiations and lower shipping costs and benefit from more than $2.0 million in productivity savings this year from our investments in our operations. And we will be increasing prices where necessary.”
The company announced net sales of $46 million compared to $45 million for the first quarter last year, an increase of 2%.
Net income was $1.65 million, or 41 cents per diluted share, compared to $1.64 million, or 39 cents per diluted share, for the same period last year, an increase of 1% in net income and 5% in diluted earnings per share.
“I believe the company is well positioned to increase market share from competitors with less diversified supply bases or less efficient cost structures,” Johnsen said. “I also believe there will be opportunities for Acme United to make new strategic acquisitions.”
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