Art's Way Manufacturing (ARTW) to Cease Vessels Operations
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Art's Way Manufacturing Co., Inc. (Nasdaq: ARTW) announced today that it intends to discontinue the operations of its Art's Way Vessels segment in the third quarter of its 2016 fiscal year.
Art's Way Vessels, Inc., a wholly-owned subsidiary of Art's Way Manufacturing Co., Inc., specializes in ASME code and non-code pressurized vessels and storage tanks for water treatment, petroleum, agriculture, food & beverage, marine and mining industries.
The intended action is part of the company's ongoing focus of its efforts and resources on the business segments that have historically been more successful and that are expected to present greater opportunities for meaningful long-term shareholder returns. The company plans to fulfill its current backlog commitments to customers and subsequently pursue an orderly sale of the assets associated with the Vessels segment, including real estate, equipment and inventory. The company anticipates incurring charges associated with this divestiture until the process is complete, likely in fiscal 2017. The representative for unionized Vessels employees has been notified of the expected closure, which would affect approximately 15 employees.
"After careful consideration of the possible outcomes for the Vessels segment that would serve our business and shareholders best, the decision was ultimately made to discontinue the operations of Art's Way Vessels," stated Chairman of the Art's Way Board of Directors, Marc H. McConnell. "We would like to sincerely thank our Vessels employees for their work over the past eleven years and regret that this decision impacts them negatively. This decision was difficult but is a necessary step in positioning our business for the long-term stability and profitability that we are pursuing. Our focus on the activities that have made Art's Way a strong, enduring, and profitable company for the past 60 years will help ensure that we are positioned to benefit from the opportunities we see coming forth in the Agricultural, Modular Building, and Tools segments."
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