Hardinge Announces Additional Workforce Reductions
21 Julho 2009 - 10:00AM
PR Newswire (US)
ELMIRA, N.Y., July 21 /PRNewswire-FirstCall/ -- Hardinge Inc.
(NASDAQ: HDNG), a leading international provider of advanced
metal-cutting solutions, today announced it was further reducing
its North American workforce by approximately 50 employees in
response to continued weakness in demand for capital goods due to
global economic conditions. This current workforce reduction
represents approximately 10% of the Company's North America based
employment, which is now almost 40% below mid-year 2008. "Today's
action is very difficult, but necessary given the current business
conditions," said Richard L. Simons, President and Chief Executive
Office. "Orders for machines produced in our Elmira facility have
been adversely impacted by the severe economic downturn. We must
continue to size our operations to reflect our incoming order
rates, make changes in our business model as necessary, and
concentrate on positive cash flow. The difficult staffing decisions
made over the past 13 months have enabled the Company to maintain a
solid financial footing despite the continuation of unfavorable
business conditions. As of June 30, 2009, Hardinge is in a positive
net cash position reflecting a consolidated cash balance of $16.5
million, compared to total debt of $12.2 million." The Company also
announced that it will release second quarter results and conduct
its investor conference call on August 6, 2009. Hardinge is a
global designer, manufacturer and distributor of machine tools,
specializing in high-precision, computer controlled, metal-cutting
machines. The Company's products are distributed to most of the
industrialized markets around the world and in 2008 approximately
69% of sales were from outside of North America. Hardinge has a
very diverse international customer base and serves a wide variety
of end-user markets. Along with metalworking manufacturers which
make parts for a variety of industries, our customers include a
wide range of end users in the aerospace, agricultural,
transportation, basic consumer goods, communications and
electronics, construction, defense, energy, pharmaceutical and
medical equipment, and recreation industries, among others. The
Company has manufacturing operations in the United States,
Switzerland, Taiwan and China. Hardinge's common stock trades on
NASDAQ Global Select Market under the symbol, "HDNG." For more
information, please visit http://www.hardinge.com/. 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: Edward Gaio Vice
President and CFO (607) 378-4207 DATASOURCE: Hardinge Inc. CONTACT:
Edward Gaio, Vice President and CFO, +1-607-378-4207 Web Site:
http://www.hardinge.com/
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