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Company Description

Contact Info

One Hardinge Drive

Elmira, NY 14902

United States

Phone: 607-734-2281

Fax:

Hardinge Inc. operates as a designer, manufacturer, and distributor of machine tools, specializing in precision computer numerically controlled metalcutting machines and workholding technology solutions worldwide. Segments The company has two segments, Metalcutting Machine Solutions (MMS) and Aftermarket Tooling and Accessories (ATA). MMS This segment includes operations related to grinding, turning, and milling and related repair parts. The company is a manufacturer of industrial-use high precision and general precision turning machine tools. Turning machines, or lathes, are power-driven machines used to remove material from either bar stock or a rough-formed part by moving multiple cutting tools against the surface of a part rotating at high speeds in a spindle mechanism. The multi-directional movement of the cutting tools allows the part to be shaped to the desired dimensions. Grinding machines could be used to finish parts of various shapes and sizes. The grinding machines of the company’s L. Kellenberger & Co. AG (Kellenberger) subsidiary are used to grind the inside and outside diameters of cylindrical parts. Such grinding machines are used to provide a finish on a part that has been partially completed on a lathe. The Kellenberger grinding machines are purchased by the same type of customers as other Hardinge equipment and further its ability to be a primary source for the company’s customers. The company’s Kellenberger precision grinding technology is complemented by its Hauser, Tschudin, Jones & Shipman, Usach, and Voumard grinding brands. Hauser machines are jig grinders used to make demanding contour components, primarily for tool and mold-making applications. Tschudin product technology is focused on the specialized grinding of cylindrical parts when the customer requires high volume production. The company’s Tschudin machines are generally equipped with automatic loading and unloading mechanisms for the part being machined. Its Jones & Shipman brand represents a line of grinding (surface, creep feed, and cylindrical) machines. These super-abrasive machines and machining systems are used by a range of industries. The company supplies a line of machining centers under its Bridgeport brand name addressing a range of sizes, speeds, and powers. Its machines are generally computer controlled and use commands from an integrated computer to control the movement of cutting tools, grinding wheels, part positioning, and in the case of turning and grinding machines, the rotation speeds of the part being shaped. The computer control enables the operator to program operations, such as part rotation, tooling selection, and tooling movement for a specific part and then stores that program in memory for future use. The company produces machines for stock with option combinations for immediate delivery, as well as design and produce machines to specific customer requirements. In addition to its machines, the company provides the necessary tooling, accessories, and support services to assist customers in maximizing their return on investment. The company offers various warranties on its equipment and considers post-sale support to be a critical element of its business. The company offers post sales support services on a paid basis throughout the life of the machine. In territories covered by distributors, this support and service is offered through the distributor. ATA This segment includes products that are purchased by manufacturers throughout the lives of their machines. The company’s products are used on various types and brands of machine tools, not limited to its own. The two primary product groups in ATA are collets and chucks. Collets are cone-shaped metal sleeves used for holding circular or rod like pieces in a lathe or other machine that provide part holding and part location during machining operations. Chucks are a specialized clamping device used to hold an object with radial symmetry, primarily a cylindrical object. It is used to hold a rotating work piece. In 2013, the company acquired Forkardt, Inc. (Forkardt), a global provider of specialty chucks. Forkardt is based in Trave

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Valuation HDNG Industry Range
Price/Earnings 100.0x
Price/Sales 0.5x
Price/Book 0.9x
Price/Cash Flow 111.9x
TEV/Sales 0.4x
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