ARMSTRONG, Iowa, April 25, 2012 /PRNewswire/ -- Art's Way Manufacturing Co., Inc., (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., Inc. Based in Ames, Iowa, Universal Harvester Co., Inc., 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, 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, 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, Inc. manufactures modular animal confinement buildings and modular laboratories.
For More Information, Contact: Jim Drewitz, Investor Relations
Or visit the Company's website at www.artsway-mfg.com/
Safe Harbor Statement
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 beliefs regarding the potential impact of acquiring Universal Harvester Co., Inc., (ii) our beliefs regarding the growth of certain markets; and (iii) our expectations relating to the timeline and completion of the acquisition of United Harvester Co., Inc., 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, our ability to successfully complete the acquisition of Universal Harvester Co, Inc., quarterly fluctuations in results, customer demand for the Company's products, unexpected contract breaches by us or counter-parties, the management of growth, our ability to implement cost-management and production initiatives, and other factors detailed from time to time in the Company's 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. The Company does not intend to update or publicly revise any forward-looking statement.
SOURCE Art's Way Manufacturing, Inc.