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EXHIBIT 99.1
NEWS BULLETIN HARDINGE INC.
FROM: ONE HARDINGE DRIVE
THE FINANCIAL RELATIONS BOARD ELMIRA, NY 14902
BSMG WORLDWIDE (NASDAQ:HDNG)
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AT THE COMPANY: AT THE FINANCIAL RELATIONS BOARD/BSMG WORLDWIDE:
Richard L. Simons Kerry Thalheim John McNamara David Closs
EXEC VP & CFO General Inquiries Analyst Inquiries Media Inquiries
(607) 734-2281 (212) 661-8030 (212) 661-8030 (212) 661-8030
Ext. 3052 Ext. 3027 Ext. 3047
HARDINGE ACQUISITION TO EXPAND ON GRINDING TECHNOLOGY BASE
AGREEMENT ANNOUNCED TO PURCHASE HTT HAUSER TRIPET TSCHUDIN AG
ELMIRA, N.Y., DECEMBER 20, 2000 - Hardinge Inc. (Nasdaq: HDNG), a leading
producer of machine tools, today announced that it has reached a definitive
agreement to purchase 100% of the stock ownership of HTT Hauser Tripet Tschudin
AG (HTT), a leading manufacturer of precision grinding machines based in Biel,
Switzerland. The purchase price is denominated in Swiss francs and equates to
approximately $21,400,000, plus assumed debt of approximately $9,909,000, and
provides for the possibility of indeterminate additional future payments,
contingent upon HTT's operating results after the acquisition.
HTT has earned a worldwide reputation for the quality of its machines. Its sales
for the year ending December 31, 2000 are expected to be approximately
$35,100,000, with about three quarters of these revenues from customers in
Europe.
Robert E. Agan, Chairman and Chief Executive Officer of Hardinge, commented:
"HTT is an excellent fit both strategically and operationally. Its management
has the same strong commitment to our industry in terms of technological
innovation, product quality and customer service. HTT's worldclass machines
complement the precision grinding technology of our Kellenberger AG subsidiary,
adding substantial breadth to our grinding machine product line.
Mr. Agan added: "HTT was formed in 1994 to consolidate three long-established
leaders in the grinding industry: Hauser, Tripet and Tschudin. HTT has very
little overlap with Kellenberger, in either products or customers. Kellenberger
specializes in external and universal cylindrical grinding machines for job
shops and mold makers. Hauser machines
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are jig grinders for making demanding contour components, primarily for tool and
moldmaking applications, and Tripet and Tschudin product technology is focused
on the specialized grinding needs of high volume production customers.
"In summary, HTT meets all of our specific acquisition criteria, offering proven
advanced technology focused on the needs of our target markets within a
profitable, well-managed company having a similar culture and values", Mr. Agan
concluded.
Hardinge will finance the acquisition with borrowings under its revolving credit
facility and, subsequent to closing, anticipates arranging for longer-term
financing. The Company expects this acquisition to be accretive to earnings per
share within the first twelve months. This transaction is expected to be
completed by December 22nd.
Hardinge Inc., founded more than 100 years ago, is an international leader in
providing the latest technology to companies requiring industrial
material-cutting solutions. The Company designs and manufactures
computer-numerically controlled material-cutting lathes, machining centers,
grinding machines, electrical discharge machines and other industrial products.
The Company's common stock trades on Nasdaq under the symbol "HDNG." For more
information, please visit the Company's website at WWW.HARDINGE.COM.
To receive additional information on Hardinge Inc., via fax at no charge,
dial 1-800-PRO-INFO and enter code HDNG.
THIS NEWS RELEASE CONTAINS STATEMENTS OF A FORWARD-LOOKING NATURE RELATING TO
THE FINANCIAL PERFORMANCE OF HARDINGE INC. SUCH STATEMENTS ARE BASED UPON
INFORMATION KNOWN TO MANAGEMENT AT THIS TIME. THE COMPANY CAUTIONS THAT SUCH
STATEMENTS NECESSARILY INVOLVE UNCERTAINTIES AND RISK, AND DEAL WITH MATTERS
BEYOND THE COMPANY'S ABILITY TO CONTROL AND IN MANY CASES THE COMPANY CANNOT
PREDICT WHAT FACTORS WOULD CAUSE ACTUAL RESULTS TO DIFFER MATERIALLY FROM THOSE
INDICATED. AMONG THE MANY FACTORS THAT COULD CAUSE ACTUAL RESULTS TO DIFFER FROM
THOSE SET FORTH IN THE FORWARD-LOOKING STATEMENTS ARE FLUCTUATIONS IN THE
MACHINE TOOL BUSINESS CYCLES, CHANGES IN GENERAL ECONOMIC CONDITIONS IN THE U.S.
OR INTERNATIONALLY, THE MIX OF PRODUCTS SOLD AND THE PROFIT MARGINS THEREON, THE
RELATIVE SUCCESS OF THE COMPANY'S ENTRY INTO NEW PRODUCT AND GEOGRAPHIC MARKETS,
THE COMPANY'S ABILITY TO MANAGE ITS OPERATING COSTS, ACTIONS TAKEN BY CUSTOMERS
SUCH AS ORDER CANCELLATIONS OR REDUCED BOOKINGS BY CUSTOMERS OR DISTRIBUTORS,
COMPETITORS' ACTIONS SUCH AS PRICE DISCOUNTING OR NEW PRODUCT INTRODUCTIONS,
GOVERNMENTAL REGULATIONS AND ENVIRONMENTAL MATTERS, CHANGES IN THE AVAILABILITY
AND COST OF MATERIALS AND SUPPLIES, THE IMPLEMENTATION OF NEW TECHNOLOGIES AND
CURRENCY FLUCTUATIONS. ANY FORWARD-LOOKING STATEMENT SHOULD BE CONSIDERED IN
LIGHT OF THESE FACTORS. THE COMPANY UNDERTAKES NO OBLIGATION TO REVISE ITS
FORWARD-LOOKING STATEMENTS IF UNANTICIPATED EVENTS ALTER THEIR ACCURACY.
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