Hardinge Inc. Sells Swiss Workholding Business
26 Dezembro 2013 - 7:05PM
Hardinge Inc. (Nasdaq:HDNG), a leading international provider of
advanced metal-cutting solutions, announced today the sale of its
Swiss Forkardt workholding operations for initial consideration of
approximately $5.9 million, net of cash remaining with the
business. After a comprehensive sales process, the successful
bidder was a private group that was led by management of the Swiss
Forkardt business.
Richard L. Simons, Chairman, President & Chief Executive
Officer of Hardinge Inc., commented, "We have contemplated the sale
of this particular entity since we acquired the global Forkardt
operations in May. Forkardt Switzerland has historically had a
concentration of more than 50% of its sales with two grinding
machine tool manufacturers that are competitors of our grinding
machine brands. Through conversations with these customers, we
recognized the sensitivity of the situation and their likelihood of
identifying alternative sources for workholding products.
Although not material to Hardinge as a whole, we concluded
that selling this stand-alone entity to the management team allowed
us to avoid the costs and issues of what likely would have become a
deteriorating business and provide continuation of employment for
the approximately 25 employees who work there."
The agreement includes a mutual two-year non-compete clause and
the requirement that the Swiss operation discontinue use of the
Forkardt brand after 12 months.
Hardinge continues to grow its workholding business through its
operations in the U.S., France and Germany. The overall amount
of sales and assets for the Swiss business are not material.
Mr. Simons concluded, "Hardinge is among the leading global
workholding design and manufacturing companies. We expect to
continue to expand this business both organically and through
acquisitions. Strategically, we expect our sales of
workholding, accessories and spare parts to reduce the impact of
the highly cyclical nature of machine tool sales. These
products, which typically have higher margins, tend to be more
stable despite economic cycles."
About Hardinge
Hardinge is a leading global designer and manufacturer of high
precision, computer-controlled machine tool solutions developed for
critical, hard to machine metal parts and of technologically
advanced workholding accessories. The Company's strategy is
to leverage its global brand strength to further penetrate global
market opportunities where customers will benefit from the
technologically advanced, high quality, reliable products Hardinge
produces. With approximately 75% of its sales outside of
North America, Hardinge serves the worldwide metal working
market. Hardinge's machine tool and accessory solutions can
also be found in a broad base of industries to include aerospace,
agricultural, automotive, construction, consumer products, defense,
energy, medical, technology and transportation.
Hardinge applies its engineering design and manufacturing
expertise in high performance machining centers, high-end
cylindrical and jig grinding machines, SUPER-PRECISION® and
precision CNC lathes and technologically advanced workholding
accessories. Hardinge has manufacturing operations in China,
France, Germany, Switzerland, Taiwan, the United Kingdom and the
United States.
The Company regularly posts information on its website:
http://www.hardinge.com
Safe Harbor Statement
This news release contains forward-looking statements (within
the meaning of Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities Exchange Act of 1934, as
amended). Such statements are based on management's current
expectations that involve risks and uncertainties. Any statements
that are not statements of historical fact or that are about future
events may be deemed to be forward-looking statements. For example,
words such as "may," "will," "should," "estimates," "predicts,"
"potential," "continue," "strategy," "believes," "anticipates,"
"plans," "expects," "intends," and similar expressions are intended
to identify forward-looking statements. The Company's actual
results or outcomes and the timing of certain events may differ
significantly from those discussed in any forward-looking
statements. The Company undertakes no obligation to publicly update
any forward-looking statement, whether as a result of new
information, future events, or otherwise.
CONTACT: Investor Relations:
Deborah K. Pawlowski, Kei Advisors LLC
Phone: (716) 843-3908
Email: dpawlowski@keiadvisors.com
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