Art’s Way Completes Acquisition of Universal Harvesting

Art’s Way Manufacturing Co., Inc., Armstrong, IA, announced that it has completed its acquisition of assets from Universal Harvester Co., Inc. (UHC) of Ames, IA, a fabricator of reels for combines and swathers. The consideration paid in the transaction consisted of approximately $3 million in cash and 5,000 shares of Art’s Way common stock.

Art’s Way has formed a wholly-owned subsidiary, Universal Harvester by Art’s Way Manufacturing Co. This new subsidiary will be consolidated with Art’s Way Manufacturing for financial reporting purposes and is expected to continue to operate out of the former UHC plant.

Ardis Heidebrink, formerly the President of UHC, has been hired as the General Manager of the new subsidiary and will report to Art’s Way Manufacturing Co., Inc. Chief Executive Officer, Carrie Majeski. All former UHC employees have been retained.

Last year, UHC had revenue of approximately $4 million and anticipate the acquisition will be immediately accretive.

Art’s Way, Association member since 1961; artsway-mfg.com.