Art's Way Manufacturing Co., Inc., a manufacturer and distributor of agricultural machinery, equipment and services, and Rojac Industries, Inc. announce they have signed a letter of intent.
The letter of intent calls for Rojac Industries, Inc. to sell to Art's Way Manufacturing Co., Inc. the operating assets of its Agro Trend Manufacturing division, an agricultural machinery distributor and manufacturer of snow blowers, trailers, and running gears located in Clifford, Ontario, Canada. The transaction is pending final agreement with closing expected during May of 2013.
J. Ward McConnell Jr., Chairman of the Board of Directors said, "The synergies between the two companies will contribute to growth and expansion of Art's Way business portfolio and asset base."
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, 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.