Hardinge Inc. Agrees to Acquire the Assets of Jones and Shipman
31st March, 2010
Hardinge Inc. ( HDNG), a leading international provider of advanced metal-cutting solutions, today announced that it has entered into a definitive agreement to acquire the assets of Jones and Shipman ("J&S"), a UK-based manufacturer of grinding and super-abrasive machines and machining systems, for 2 million pounds ($3 million equivalent) from Precision Technologies Group Ltd.
Located in Leicester, UK, J&S manufactures and distributes a range of high-quality grinding (surface, creep feed and cylindrical) machines used by a diverse range of industries, including aerospace, medical, mould tool & die, power generation and high-end automotive. The J&S business has operated continuously in the UK, under various owners, since 1899. The company currently has approximately 65 employees, as well as projected sales of approximately $9 million for its fiscal year ending on March 31, 2010.
"This transaction is a solid strategic fit for Hardinge adding valuable product lines, as well as the strong Jones and Shipman brand name, to our grinding portfolio," said Richard Simons, President and Chief Executive Officer. "Along with expanding our European-based grinding business, J&S products will help us expand our Asian market presence."
The transaction is expected to close in the first week of April 2010, at which time J&S will become part of the company's Kellenberger grinding organization. Hardinge plans to continue J&S operations at the current Leicester location.
Hardinge is a global designer, manufacturer and distributor of machine tools, specializing in SUPER PRECISION™ and precision CNC Lathes, high performance Machining Centers, high-end cylindrical and jig Grinding Machines, and technologically advanced Workholding & Rotary Products. The Company's products are distributed to most of the industrialized markets around the world with approximately 70% of the 2009 sales outside of North America. Hardinge has a very diverse international customer base and serves a wide variety of end-user markets. This customer base includes metalworking manufacturers which make parts for a variety of industries, as well as 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."
Metal-cutting - Machines