Art's Way completes purchase of Universal Harvester
Tuesday, May 15, 2012 10:49 AM
Art's Way Manufacturing Co. Inc. has completed the acquisition of Ames-based Universal Harvester Co. Inc., in a move that will link the two closely related companies to better serve the agriculture community, according to a release.
Art's Way, a manufacturer and distributor of agriculture machinery, purchased Universal Harvester, which manufactures reels for combines and swathers, for $3 million and 5,000 shares of Art's Way stock. Art's Way has formed a subsidiary company called Universal Harvester by Art's Way Manufacturing Co., according to a release.
"This acquisition is both strategic and highly complementary to our existing operations and product lines," said J. Ward McConnell Jr., chairman for Art's Way, in a release.