ELMIRA, N.Y., Sept. 9, 2014 (GLOBE NEWSWIRE) -- Hardinge Inc. (Nasdaq:HDNG), a leading international provider of advanced metal-cutting solutions and accessories, announced today that it has entered into an agreement to acquire the assets of the Voumard Internal Diameter (ID) Grinding Business from Peter Wolters GmbH in Rendsburg, Germany.
Voumard, founded in Neuchatel, Switzerland nearly 70 years ago, has been a global leader in the ID grinding market with an installed base of over 9,000 machine solutions serving more than 2,500 customers around the world. Acquired by Peter Wolters in 2005, it was subsequently moved to Germany in 2010.
Rick Simons, Chairman, President and Chief Executive Officer of Hardinge Inc., commented, "We are very excited to add the Voumard products to our already strong line-up of grinding brands which includes Kellenberger, Hauser, Jones & Shipman, Tschudin and Usach. We plan on moving Voumard's production and support back to its roots in Switzerland, where we will integrate it into the Company's existing Kellenberger business. We expect to be quoting machines by the end of this year and be in a position for initial sales to be generated in late 2015."
"The Voumard ID offerings by our Hardinge Grinding Group are a complement to our current product lines, resulting in a complete spectrum of internal and external diameter cylindrical grinding solutions to provide our customers. By incorporating it into our existing grinding businesses, Voumard customers can anticipate the same superior quality and technical support they have seen from our Kellenberger operations. This investment continues the Company's strategy of growing through new product development and targeted acquisitions," Mr. Simons concluded.
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 and broad product range to further penetrate global market opportunities where customers will benefit from the technologically advanced, high quality, reliable products Hardinge produces. With approximately 67% 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, 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: For more information 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: firstname.lastname@example.orgSource:Hardinge Inc.