ELMIRA — Hardinge Inc. (NASDAQ: HDNG), an Elmira–based manufacturer of metal-cutting tools, announced today that it has acquired Usach Technologies, Inc., a privately held machine tool company based in Illinois.
Usach Technologies — a 27-year-old company located in Elgin, near Chicago — specializes in high-precision, computer-controlled grinding machines and systems. Its 2012 revenue is expected to total about $14 million.
Hardinge says it expects the acquisition to add to its earnings in 2013. Financial terms of the deal were undisclosed.
(Sponsored)
Avoid the Employment Law Mistakes that Threaten Your New Business
Amid the excitement and uncertainty that accompany the opening of a new business, entrepreneurs often overlook basic employment law requirements that can cost them dearly. These include how they classify
Sales Employees are Not Always Exempt from Overtime
Are you sure that your company’s sales staff are properly categorized as exempt from the overtime requirements of the Fair Labor Standards Act (FLSA)? The FLSA regulations make it
“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 original equipment manufacturers in the U.S. and expands our opportunities in the highly diversified end markets we serve,” Richard L. Simons, chairman, president, and CEO of Hardinge, said in a news release.
Usach Technologies owner Giacomo Antonini will stay on as president and general manager of this now, wholly owned subsidiary of Hardinge, along with his operating team, according to Hardinge. It didn’t state how many employees work at Usach Technologies.
Hardinge manufactures machine tools for the aerospace, agricultural, transportation, consumer goods, communications, electronics, construction, defense, energy, pharmaceutical and medical-equipment, and recreation industries. The company employs about 430 people at its Elmira facility and 1,330 people companywide. Hardinge also operates plants in Switzerland, Taiwan, and China, and has operations in Germany and England as well.
For the first nine months of 2012, Hardinge reported net sales of $244 million, down from $251 million in the year-ago period. Net income rose 16 percent to $10.1 million in the first three quarters of this year, from $8.7 million in the first nine months of 2011.
Contact Rombel at arombel@cnybj.com
