Hardinge Issues Statement in Response to Privet Fund Management
10 Março 2015 - 5:48PM
Hardinge Inc. (Nasdaq:HDNG) ("Hardinge" or the "Company"), a
leading international provider of advanced metal-cutting solutions
and accessories, today issued the following statement to
shareholders and other Company stakeholders:
On March 3, 2015, Hardinge received a letter from one of our
shareholders, Privet Fund Management LLC, which we have carefully
reviewed. Management and the Board of Hardinge value the input we
receive from our shareholders and take it into serious
consideration.
Hardinge is committed to acting in the best interests of all
shareholders. With the oversight and full engagement of our
experienced and qualified Board of Directors, the management team
regularly reviews and rigorously evaluates the Company's strategy
while continually assessing alternatives and initiatives to enhance
shareholder value.
On February 12, 2015, we announced strong fourth quarter results
highlighted by orders that were at the highest levels since the
second quarter of 2011. We are expecting solid growth in 2015
driven by the strength of our year-end orders and backlog, as well
as an active pipeline of new orders. As we commented in our
earnings release, "we are intent upon growing the business
organically and through acquisitions, and to improve productivity
to drive stronger profitability."
We look forward to keeping our shareholders apprised of
Hardinge's progress in the coming months as we execute on our
plans. We welcome the opportunity to continue a dialogue with
all of our shareholders.
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 two thirds 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, India, 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: Company:
Douglas J. Malone
Chief Financial Officer
Phone: (607) 378-4140
Investor Relations:
Deborah K. Pawlowski, Kei Advisors LLC
Phone: (716) 843-3908
Email: dpawlowski@keiadvisors.com
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