Art's Way Manufacturing Signs Letter Of Intent To Purchase Assets Of Ohio Metal Working Products Company
ARMSTRONG, Iowa, Sept. 23, 2013 /PRNewswire/ -- Art's Way Manufacturing Co., Inc. (NASDAQ: ARTW), a diversified, international manufacturer of equipment serving agricultural, research and water treatment, and Ohio Metal Working Products Company announce they have signed a letter of intent. The letter of intent calls for Ohio Metal Working Products Company to sell to Art's Way Manufacturing Co., Inc. the operating assets of Ohio Metal Working Products Company, doing business as American Carbide Tool Company http://www.americancarbidetool.com. Located in Canton, Ohio, Ohio Metal Working Products Company is the largest domestic manufacturer and distributor of standard single point brazed carbide tipped tools. They also provide PCD (polycrystalline diamond) and CBN (cubic boron nitride) inserts and tools. They have over 50 years of tool making experience. The transaction is pending final agreement with closing expected within the next two weeks.
About Art's Way Manufacturing Co., Inc.
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, dump trailers, snow blowers, round hay balers, plows, hay and forage equipment, manure spreaders, reels for combines and swathers, and top and bottom drive augers, as well as pressurized tanks and vessels, and modular animal confinement buildings and laboratories. After-market service parts are also an important part of the Company's business. The Company has three reporting segments: agricultural products; pressurized tanks and vessels; and modular buildings.
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This news release includes "forward-looking statements" within the meaning of the federal securities laws. Statements made in this release that are not strictly statements of historical facts, including: (i) our expectations regarding timing and completion of the acquisition of certain assets of Ohio Metal Working Products Company, (ii) our beliefs regarding the contribution of the assets purchased from Ohio Metal Working Products Company to the growth of the Company; and (iii) our beliefs regarding other impacts that the acquisition of certain assets of Ohio Metal Working Products Company will have on the Company, are forward-looking statements. Statements of anticipated future results are based on current expectations and are subject to a number of risks and uncertainties, including, but not limited to, delays in reaching or failure to reach an agreement to complete the execution of the acquisition of certain assets of Ohio Metal Working Products Company quarterly fluctuations in results; customer demand for our products; domestic and international economic conditions; factors affecting the strength of the agricultural sector; the cost of raw materials; the management of growth; the availability of investment opportunities; and other factors detailed from time to time in our Securities and Exchange Commission filings. Actual results may differ markedly from management's expectations. The Company cautions readers not to place undue reliance upon any such forward-looking statements. We do not intend to update forward-looking statements other than as required by law.
SOURCE Art's Way Manufacturing Co., Inc.