Browse by Editorial Category
Browse by Edition Date

February 2014

Skip Navigation Links.
Expand Applying TechnologyApplying Technology
Expand EDM Machinery-ConsumablesEDM Machinery-Consumables
Collapse Current NewsCurrent News
Controls for Aerospace at AERODEF
Portable Second-Op Machining Center at AeroDef
Mazak Webinar Links CAM Software and Multitasking Efficiency
Abakan to Develop Coatings for Small Diameter Pipe Market
AEC Joins with CRU for Aluminum Industry Conference
MTConnect Institute and OPC Foundation Announce MTConnect-OPC UA Companion
Arthur Machinery-Florida to Represent Firetrace Suppression Systems
Benteler SteelTube Breaks Ground in Louisiana
Burr Oak Tool Participates In U.S. Manufacturing Presentation
New Technology and Talent for Central Tube and Bar
CMSC 2013 Measurement Study Report
DMG MORI Open House Pfronten 2014 Preview
General Commissioner of EMO MILANO 2015 Appointed
Surface Oil Belt Skimmers
Inspection Systems for Measurement of Cylinder Heads
Smallest CAPTO Interface
FANUC Merges Operations into a Single Corporation
X-Ray Fluorescence Technology for Coatings
New Model 5-Axis Precision Mill-and-Trim Vertical Gantry Mill
Fusion Tech Achieves ISO-9000 Certification
Hardinge Sells Swiss Workholding Business
Hartwig Establishes Toll-Free Number for Machine Parts
Hartwig Inc. Establishes Toll-Free Numbers for Machine Parts and EDM Supplies
Hurco Introduces New Horizontal Boring Mill
IRMCO Receives Ford Approval
Island University Designated by FAA as Unmanned Aircraft System Test Site
Versatile Mobile Surface Measurement
Lapham-Hickey Steel Acquires Industrial Spring Steel
CAMPATLeadwell Crotts and Saunders Announce Exclusive Distributorship Agreement
Closing the Manufacturing Skills Gap
College Bridging the Skills Gap in Manufacturing
Makino 2014 Online Seminar Schedule
5-Axis Machining at AeroDef
Single Spindle Single Turret Multitasking Turning Center
MSC Adds More Than 15000 Kennametal Cutting Tools
New STEP Converter Integrated Within NCL
Tooling for Advanced Materials
Robotically Tended Cellular Parts Washer
Addressing Metalworking Challenges
Southwest Heat Treat Summit
Rigid 5-Axis VMC
Shigiya Establishes New U.S. Headquarters
AeroDef Manufacturing Summit and Exposition 2014
Bulky Part Machining
New Trussville AL Office and Manufacturing Facility
New Laser Cutting Technology
UNITED GRINDING Schedules North American Tour for STUDER S11
VeroSURFCAM and CGTech Announce Software Integration
Expand SawsSaws
Expand SoftwareSoftware
Expand WorkholdingWorkholding

show all editions →

Click here to watch Tutorial Videos >

Hardinge Sells Swiss Workholding Business



Hardinge Inc. has announced 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 and Chief Executive Officer of Hardinge Inc., said, "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.

"We expect to continue to expand our workholding design and manufacturing business both organically and through acquisitions," said Simons. "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."

For more information contact:

Hardinge Inc. Workholding Div.

800-843-8801

info@shophardinge.com

www.shophardinge.com

< back