Hardinge Inc. Agrees to Acquire the Assets of Jones and Shipman

ELMIRA, N.Y., March 31 /PRNewswire-FirstCall/ -- Hardinge Inc. (Nasdaq: 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." 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.

    
    
    For further information contact:
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    Edward Gaio
    Vice President and CFO
    (607) 378-4207

SOURCE Hardinge Inc.