Art’s Way may purchase assets of Ohio firm
ARMSTRONG – Art’s Way Manufacturing Co. Inc., a diversified, international manufacturer of equipment serving agricultural, research and water treatment, and Ohio Metal Working Products Co., announced Monday it has signed a letter of intent for the Iowa company to purchase assets of the ohio firm.
The letter of intent calls for Ohio Metal Working Products to sell to Art’s Way its operating assets, doing business as American Carbide Tool Co.
Located in Canton, Ohio, Ohio Metal Working Products is the largest domestic manufacturer and distributor of standard single-point brazed carbide tipped tools.
It provides polycrystalline diamond and cubic boron nitride inserts and tools. It has more than 50 years of tool making experience.
Carrie Majeski, chief executive officer for Art’s Way, additional information will be released on the benefits of this purchase to Art’s Way.
The transaction is pending final agreement with closing expected within the next two weeks.
Majeski said there will be no direct impact on the company’s Iowa employees. She said OMWP manufactures and distributes its products from its Ohio site.
“We will be continuing operations there,”?Majeski said. “We expect this to be a seamless transition.”
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.
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