New Company Will Strengthen Art’s Way’s Agricultural Product Offering
Art’s Way Manufacturing Co., (NASDAQ:ARTW) a leading manufacturer and distributor of agricultural machinery, equipment, and services, announces it has signed a formal Letter of Intent to acquire Universal Harvester Co. Based in Ames, Iowa, Universal Harvester Co., is a leader in the fabrication of reels for combines.
J. Ward McConnell Jr., Chairman of the Board of Directors said, “I am very excited about the prospect of adding this well respected agricultural machinery manufacturer to our product offering. Universal Harvester, founded in the early 1940’s, has an international reputation with both dealers and customers that is without peer. The addition of the Universal Harvester group with their market focus and experience will add a strong presence and operational efficiencies in a growing niche market of pickup reels for combines and swathers.”
The transaction is pending final agreement with closing expected during May 2012.
About Art’s Way Manufacturing
Art's Way manufactures and distributes farm machinery niche products including animal feed processing equipment, sugar beet defoliators and harvesters, land maintenance equipment, crop shredding equipment, round hay balers, plows, hay and forage equipment, manure spreaders and top and bottom drive augers. After-market service parts are also an important part of the Company's business. The Company has two wholly owned subsidiaries. Art's Way Vessels, Inc. manufactures pressurized tanks and vessels; Art's Way Scientific, manufactures modular animal confinement buildings and modular laboratories.