Art's Way Manufacturing Co. Inc., a diversified, international manufacturer of equipment serving agricultural, research and water treatment, and Ohio Metal Working Products Co. announce they have signed a letter of intent. The letter of intent calls for Ohio Metal Working Products Co. to sell to Art's Way Manufacturing Co. Inc. the operating assets of Ohio Metal Working Products Co., doing business as American Carbide Tool Company (www.americancarbidetool.com).
Located in Canton, Ohio, Ohio Metal Working Products Co. 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.