ARMSTRONG, Iowa, Oct. 3, 2013 — Art's Way Manufacturing Co. Inc., an international manufacturer of equipment serving agricultural, research and water treatment needs, has announced they have closed the acquisition of the assets of Ohio Metal Working Products Company.
As previously announced on September 23, 2013, Ohio Metal Working Products Company was 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. 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 total purchase price was approximately $3,172,000, and the purchased assets include fixed assets, real estate, inventory and intangible assets. A new wholly-owned subsidiary of Art's Way was formed, Ohio Metal Working Products/Art's-Way, Inc. Our new facility is located at 3620 Progress Street NE, Canton, Ohio. The acquisition was financed through Art's Way's existing line of credit with US Bank.
J. Ward McConnell Jr., Chairman of the Board of Directors said, "We are pleased to complete this valuable acquisition. The Company's growth strategy has been and continues to be to assemble a portfolio of smaller companies that will be key components of our strategic long-term business plan, which we believe will strengthen the Company's balance sheet and increase our ability to deliver greater shareholder value."