PHILADELPHIA, March 7, 2019 /PRNewswire/ -- Hardinge, a leading international provider of advanced metal-cutting machine tool solutions and accessories, announced it closed 2018 with another year of revenue growth. The company experienced year over year growth in revenue across all regions, driven by customer adoption of its machine tool products and solutions, especially in Hardinge's Asia region.
According to research firm Technavio, the global machine tool industry is expected to cross the 120 billion dollar mark by 2020, while the cutting tools market is expected to grow at a CAGR of around 9 percent by 2021. Hardinge experienced strong sales growth in 2018 in key industries including aerospace, automotive, medical, healthcare, and defense as well as higher demand in industries such as semiconductor and power-generation. In addition, the company saw strong demand for its innovative, advanced metal-cutting solutions in the China market, still the world leader in machine tool consumption.
"Hardinge's rapid growth is a true indicator that job shops, OEMs and other customers around the world realize the value of our solutions to bring innovation, precision and accuracy to the most demanding applications," said Chuck Dougherty, Hardinge's CEO. "The company's unique approach and dedication to innovation enables organizations to become more profitable and productive, positioning them for long-term success in today's competitive manufacturing business environment."
Additional milestones for the company in 2018 include:
- Hardinge became a privately held company when Atlanta-based Privet Fund Management acquired all shares of the company's common stock for $18.50 in cash for approximately $245 million which has accelerated the company's execution of strategic initiatives includes both product and operational initiatives.
- Hardinge introduced the new KELLENBERGER 100 and KELLENBERGER 1000 Universal CNC grinding systems with a very positive global market reception. These innovative systems improve the precision and productivity for the most demanding range of machining applications. In addition, the company introduced the JONES & SHIPMAN 10 as a precise and efficient universal grinding machine. The company will continue product innovation in 2019 with new solutions expected including newly enhanced Super-Precision T-Series Lathe and SV200 Lathe solutions to support the growing Indian market.
- Hardinge's workholding product lines also had a positive year of growth with its swiss workholding line sales up 9.9 percent year-to-year. The company also rebranded its rotary product line under Forkardt and exceeded expectations with a year over year sales growth of 30 percent. The innovative Flex C collet products also grew 17 percent.
- Hardinge also made several strategic leadership appointments in 2018 to help support its next phase of growth. The company added John Roselli, Senior Vice President and CFO, Kevin Marvel, Vice President of HR, as well as several other key personnel across regions.
- In addition, Hardinge relocated its global headquarters from Elmira, NY to Berwyn, PA in the Philadelphia area to better service its customers and grow its global organization.
About Hardinge Inc.
Hardinge, Inc. is the trusted global provider of high precision, computer-controlled machine tool solutions for critical, hard-to-machine metal parts and advanced workholding accessories. With over 125 years of experience, Hardinge offers the largest variety of metal-cutting turning machines, grinding machines, machining centers, collets, chucks, index fixtures, repair parts, standard and specialty workholding devices, and other machine tool accessories. Hardinge's solutions can be found in a broad base of industries including aerospace, agricultural, automotive, construction, consumer products, defense, energy, medical, technology and transportation. Headquartered in Berwyn, PA, the company designs, manufactures, and distributes machine tools in 65 countries across North America, Europe, and Asia. For more information about Hardinge, please visit us at www.hardinge.com and follow us on Facebook or Twitter.
SOURCE Hardinge Inc.