ARMSTRONG, Iowa, March 2, 2015 /PRNewswire/ -- Art's Way
Manufacturing Co., Inc. (NASDAQ: ARTW), a diversified,
international manufacturer and distributor of equipment serving
agricultural, research, water treatment and steel cutting needs,
announced today that J. Ward McConnell
Jr. intends to retire from the position of Chairman of the
Board of Directors at the 2015 Annual Meeting of Stockholders. He
will stand for re-election as a director and the Board of Directors
intends to designate Mr. McConnell as Vice Chairman-Elect. Mr.
McConnell has served as Chairman of the Board since 2002 and as a
director of the Company since 1996.
As part of the Company's leadership succession plan, the Board
of Directors intends to designate Marc
McConnell as Chairman-Elect at the 2015 Annual Meeting of
Stockholders. Marc McConnell has
served on the Board of Directors of Art's Way Manufacturing since
2001 and as Vice-Chairman since 2008. In addition to his role
at Art's Way, Mr. McConnell currently serves as Chairman of the
Board of West Town Bank & Trust of Chicago, IL, President of Bauer Corporation of
Wooster, OH, and as Vice-Chairman
of McConnell Holdings, Inc. of Kinston,
NC among other business interests. He has also served as
President of the Farm Equipment Manufacturers Association from
2013-14 and President of the American Ladder Institute from
2006-2010. Mr. McConnell is a member of the Young Presidents
Organization (YPO) and is a graduate of Cornell University in Ithaca, NY.
J. Ward McConnell Jr., commented,
"This is an exciting time in our company. We have just concluded
our 13th straight profitable year and are poised for
growth in the years ahead under Marc's leadership.
"I am proud of the work we've done and successes we've enjoyed
since turning this company around in 2002. Art's Way was in dire
condition when I assumed the role of Chairman and, with the help of
many great people; we quadrupled the size of the Company in 13
years, became financially strong, and truly took this organization
to the next level in every way. I am pleased to hand it off to Marc
in a position of strength and am excited about where he will take
it in the years ahead. An orderly succession plan has been in
development for some time and I am pleased to say that the time has
come to pass the baton.
"Marc has brought energy and drive as a director and
Vice-Chairman for Art's Way. Those traits, as well as his
understanding and passion for the business, will continue to
benefit the Company when he transitions to the position of
Chairman. Our succession plan is moving forward on target and will
facilitate a smooth leadership transition at the Board level."
Marc H. McConnell commented, "I
am pleased to have had the trust and confidence placed in me to
assume the role of Chairman. We are so fortunate to have had the
relentless work, vision, and leadership Ward has provided this
Company since 2002. Without his efforts, none of this enterprise
would exist to serve our customers, create careers for our
employees, and deliver the return on investment our shareholder
base deserves. All of us involved with Art's Way today owe it all
to what he has done.
"This company has endless opportunity to grow and build
shareholder value in the years ahead and I look forward to serving
our customers, employees, and shareholders alike in my new
capacity. Focusing on long-term strategies and reinvestment, we
will take this business to the next level."
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, round hay balers, plows, hay and forage
equipment, manure spreaders, reels for combines and swathers, and
top and bottom drive augers, as well as pressurized tanks and
vessels, modular animal confinement buildings and laboratories and
specialty tools and inserts. After-market service parts are also an
important part of the Company's business. The Company has four
reporting segments: agricultural products; pressurized tanks and
vessels; modular buildings; and tools.
For more information contact: Carrie Majeski, Chief Executive Officer
712-864-3131
investorrelations@artsway-mfg.com
Or visit the Company's website at
www.artsway-mfg.com/
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SOURCE Art's Way Manufacturing, Inc.