Hardinge Inc. Announces Acquisition of Usach Technologies, Inc.
Addition of High Precision, U.S. Grinding Solution Manufacturer Broadens Product Line
ELMIRA, N.Y.--(BUSINESS WIRE)-- Hardinge Inc. (NAS: HDNG) , a leading international provider of advanced metal-cutting solutions, announced that it has acquired Usach Technologies, Inc., a privately held, American machine tool company and leading provider of high-precision, computer-controlled ID and OD grinding machines and grinding systems based in Elgin, Illinois.
"Hardinge is a world leader in grinding solutions and the acquisition of Usach Technologies strengthens and reinforces that position," stated Richard L. Simons, Chairman, President and Chief Executive Officer. "This acquisition complements our strategy to maintain our competitive edge by continually advancing and enhancing our product portfolio. Importantly, Usach strengthens our reach into high profile OEM's (original equipment manufacturers) in the U.S. and expands our opportunities in the highly diversified end markets we serve."
Usach was founded in 1985 as an importer of machine tools. The company evolved to become a leading innovator, designer and manufacturer of high precision grinding solutions for complex grinding requirements. It also has its own proprietary programming system, the Usach Open Architecture System©, for standard and custom internal (ID), external (OD) and simultaneous grinding applications.
The ID grinding machines range from single spindle to four spindle versions with standard and specialty configurations. They are capable of grinding parts up to 40 inches in diameter and weighing up to 1,300 lbs. The OD grinding machines are being offered as single spindle, dual spindle, and four spindle versions for grinding wheel diameters up to 30 inches, part lengths of up to 200 inches, part weight of 3,500 lbs and larger, and 42 inch swing, all beyond the capacity of Hardinge's current product offerings.
Strengths of Usach are designing and configuring products specific to a customer's unique requirements and in many cases, equipping the machines with fully automatic loading systems. They are known for the excellent pre- and post- sales support they provide to their customers.
Usach will expand the product range of high precision grinding machines & systems of Hardinge offered under the Kellenberger, Jones & Shipman, Hauser, Tschudin and Tripet brands which currently provide high-precision universal, production, jig grinding, surface grinding and creepfeed products.
Usach Technologies' revenue in 2012 is expected to be approximately $14 million, with an ending backlog of approximately $24 million. Hardinge expects the acquisition to be accretive in 2013.
Mr. Simons concluded, "We are pleased that the owner, Giacomo Antonini, will stay on as President and General Manager of this wholly owned subsidiary of Hardinge, along with his strong and creative operating team. We believe together we can help Usach grow beyond its historical capacity by leveraging our global network of sales and service organizations as well as providing the financial strength of Hardinge to back up their commitment to their customers."
Hardinge is a leading global designer and manufacturer of high precision, computer-controlled machine tool solutions developed for critical, hard to machine metal parts. 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 equipment Hardinge produces. With approximately 75% of its sales outside the U.S., Hardinge serves the worldwide metal working market. Hardinge's machine tool 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, 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.
Edward J. Gaio, 607-378-4207
Chief Financial Officer
Kei Advisors LLC
Deborah K. Pawlowski, 716-843-3908
KEYWORDS: United States North America New York
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