- Current report filing (8-K)
30 Outubro 2008 - 6:37PM
Edgar (US Regulatory)
UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13
OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
Date of
Report (Date of earliest event reported): October 26, 2008
Hardinge
Inc.
(Exact name of
Registrant as specified in its charter)
New
York
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000-15760
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16-0470200
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(State or other
jurisdiction of
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Commission file
number
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(I.R.S. Employer
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incorporation or
organization)
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Identification
No.)
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One
Hardinge Drive Elmira, NY 14902
(Address of
principal executive offices) (Zip code)
(607)
734-2281
(Registrants
telephone number including area code)
N/A
(Former name or
former address, if changed since last report.)
Check the appropriate box
below if the Form 8-K filing is intended to simultaneously satisfy the
filing obligation of the registrant under any of the following provisions:
o
Written communication pursuant to Rule 425 under the Securities Act (17
CFR 230.425)
o
Soliciting material to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
o
Pre-commencement communications pursuant to Rule 14d-2(b) under the
Exchange Act (17 CFR 240.14d-2(b))
o
Pre-commencement communications pursuant to Rule 13e-4(c) under the
Exchange Act (17 CFR 240.13e-4(c))
Item 2.05 Costs Associated with Exit or Disposal
Activities
On October 26, 2008,
based on a comprehensive market evaluation, the Company determined that its
model of doing business in Canada did not provide adequate returns. As a result of this conclusion, the Company closed
its facility in Mississauga, Ontario on October 28, 2008.
Changes to the Companys
planned product strategy and method of delivering support to our Canadian customers, as well as a third
quarter analysis of historical cash flows, triggered a review of the goodwill
under FAS 142. The Company recorded a non-cash charge of $2.7 million in the
third quarter, to reflect the diminished value of goodwill of $2.1 million and
$0.6 million of intangible assets associated with our Canadian operation. The
Canadian market will be served directly from our US support staff in the
future.
The Company expects to incur
approximately $43,000 in severance cost in the fourth quarter of 2008 related
to the closing of the Canadian facility. The Company also expects to incur
charges associated with the facility exit costs during the fourth quarter, for
which amounts are not currently estimable.
On October 29, 2008
Hardinge Inc. issued a press release announcing special charges related to the strategic
repositioning of the Company, including among other items, the closure of the
Canadian facility. A copy of the press
release is included as Exhibit 99.1 to this Current Report on Form 8-K.
Item 9.01 Financial Statements and Exhibits
99.1
Press
release issued by registrant on October 29, 2008.
2
SIGNATURES
Pursuant to the requirements of the Securities
Exchange Act of 1934, the registrant has duly caused this report to be signed
on its behalf by the undersigned, thereunto duly authorized.
Hardinge
Inc.
October 30, 2008
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By:
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/s/ Edward J.
Gaio
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Date
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Edward J. Gaio
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Vice President and
Chief Financial Officer
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3
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