ARMSTRONG, IA / ACCESSWIRE / April 29, 2022 / Art's Way Manufacturing Co., Inc. (NASDAQ:ARTW) was awarded $500,000 through participation in the Manufacturing 4.0 program managed by the Iowa Economic Development Authority. The program was created following the pandemic in order to incorporate more technology into manufacturing. The strategic plan is to position Iowa companies for prosperity as we enter the 4th Industrial Revolution. They anticipate AI and automation to play a primary role in that future. The program requires a 25% company match of funds.
"Our Manufacturing 4.0 initiative focuses on one of Iowa's largest industries, and will help them unleash new potential to grow their businesses," said Iowa Gov. Kim Reynolds. "To maintain our economic vitality in this sector, particularly as we work to mitigate ongoing workforce shortages, these grants serve as a critical resource to support advanced manufacturing businesses. It is imperative that our businesses remain globally competitive and a step ahead of the evolving demands of the 21st century economy."
Art's Way is using the grant money to purchase and integrate robotic weld cells into its production process. This includes robotic welders, tables, tablets, fixtures and personnel training. Partial use of the funds will also assist with a high definition plasma cutter and CNC break press addition. Additionally, we can upgrade our ERP system to use handheld scanners. Follow Art's Way on social media for updates as we work to launch this new equipment into our factory. Facebook Twitter Instagram LinkedIn
"We are able to implement robotics technology in key areas of the facility and replace some outdated machining and metal working equipment at a much quicker pace to take advantage of the improved quality and efficiency while filling the labor shortage gaps," said Brian Wrightsman Vice President of Operations at Art's Way. "It is also helping us provide the training tools and material to benefit our operators while attracting new talent to the organization."
Integrating this new technology throughout our plant will create efficiencies for our dedicated staff. We are building through our largest backlog in history to meet the needs of our dealer partners and producers.
About Art's Way Manufacturing Co., Inc.
Art's Way manufactures and distributes farm machinery niche products including animal feed processing equipment, sugar beet defoliators and harvesters, land maintenance equipment, forage equipment, manure spreaders, as well as modular animal confinement buildings and laboratories, and specialty tools and inserts. After-market service parts are also an important part of Art's-Way's business. Art's-Way has three reporting segments: agricultural products; modular buildings; and tools.
For more information, contact: David King, Chief Executive Officer
Or visit our website at www.artsway.com/
This release includes "forward-looking statements" within the meaning of the federal securities laws. Statements made in this release that are not strictly statements of historical facts, including our expectations regarding: (i) our business position; (ii) potential growth in our business segments; (iii) future results, including the timing of increased performance; and (iv)the benefits of our business model and strategy, are forward-looking statements. 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: customer demand for our products; credit-worthiness of our customers; our ability to operate at lower expense levels; our ability to complete projects in a timely and efficient manner in accordance with customer specifications; our ability to renew or obtain financing on reasonable terms; our ability to repay current debt, continue to meet debt obligations and comply with financial covenants; domestic and international economic conditions; the ongoing COVID-19 outbreak; factors affecting the strength of the agricultural sector; the cost of raw materials; unexpected changes to performance by our operating segments; obstacles related to liquidation of product lines and segments; and other factors detailed from time to time in our Securities and Exchange Commission filings. Actual results may differ markedly from management's expectations. We caution readers not to place undue reliance upon any such forward-looking statements. We do not intend to update forward-looking statements other than as required by law.
SOURCE: Art's-Way Manufacturing Co., Inc.
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