Art's Way Manufacturing Inc. (Nasdaq: ARTW), a leading manufacturer and distributor of niche agricultural machinery, equipment and services, is pleased to announce the company completed the previously announced acquisition of the manure spreader product line of Roda Manufacturing, Inc., Hull, Iowa. www.rodamfg.com. At closing, Art's Way Manufacturing paid approximately $1,189,000.
The product line includes The H Series — a non-commercial, high quality, low maintenance pull-type manure spreader that comes in 400, 600 and 800 bushels. The V Series - a commercial spreader with removable vertical beaters, adjustable apron speed and a reversible apron. The HV Series - combines the best of both the H and V Series. These units are rugged, reliable and available in 20', 22' and 24' box length with either horizontal or vertical beater options. They also feature a durable one-piece frame design and a triple apron.
J. Ward McConnell, Jr., Chairman of the Board, said, "Our entire team is extremely pleased to complete this product line acquisition because we believe it will be earnings accretive immediately, hold a compelling valuation, is an outstanding fit with our industry leading forage equipment and is a key element in our 'roll-up strategy'. This vertical acquisition allows us to expand and round out our product line, improve our niche manufacturing leadership position, build our asset base for revenue growth and increase shareholder value. I know our dealers will be very excited to be able to offer this outstanding line of manure spreaders to their customers."
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, 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. We have 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 on Arts Way, read the interview on CEO J. Ward McConnell from the January 2010 Farm Equipment. Click here
For More Information, Contact: Jim Drewitz, Investor Relations
Or visit the Company's website at www.artsway-mfg.com.