Art's Way Manufacturing Purchases Auger Production Building In Salem, South Dakota
Company Had Been Leasing The 15,000 Sq. Ft. Facility Since December 2008
ARMSTRONG, Iowa, March 31 /PRNewswire-FirstCall/ -- Art's Way Manufacturing, Inc. (Nasdaq: ARTW), a leading manufacturer and distributor of niche agricultural machinery equipment and services, is pleased to announce they have purchased the 15,000 square foot production facility they have been leasing to produce portable grain augers in Salem, South Dakota. The Company closed on the plant purchase on March 29, 2010 and paid approximately $194,000.
J. Ward McConnell, Jr., Executive Chairman of the Board, said, "The auger business opened up to us with the closing of the Feterl business and the purchase of this facility is a smart and cost effective move for us. At Art's Way, we are committed to customer service and helping farmers grow their business. They know they can trust us to deliver. This facility and the experienced, knowledgeable local work force has allowed us to offer a top quality line of 8", 10" and 12" diameter Commercial Top Drive Augers as well as Commercial Swing and Galvanized Commercial Swing Drive Augers in lengths from 34 feet to over 120 feet. We not only manufacture augers, we also carry a complete supply of replacement parts for Art's Way auger and parts for auger not produced by Art's Way.
"We are filling new orders every day, and expect to continue gain market share each quarter. As of March 31, 2010 our auger backlog stands at $2.8 million."
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 Information, Contact: Jim Drewitz, Investor Relations
830-669-2466 [email protected]
Or visit the Company's website at www.artsway-mfg.com
This news release includes "forward-looking statements" within the meaning of the federal securities laws. Statements of anticipated future results are based on current expectations and are subject to a number of risks and uncertainties, including but not limited to, quarterly fluctuations in results, customer demand for the Company's products, domestic and international economic conditions, the management of growth and other risks detailed from time to time in the Company's Securities and Exchange Commission filings. Actual results may differ markedly from management's expectations. The Company cautions readers not to place undue reliance upon any such forward-looking statements.
SOURCE Art's Way Manufacturing, Inc.
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