The design, manufacturing, sales and distribution of Forkardt's accessory products will be completely separate from Hardinge's machine tool manufacturing operations and sales. Mr. Simons noted, "We believe the separation of management and operations of Forkardt products from the manufacture and sales of machines ensures the segregation of focus and information flow as should be expected by the machine tool manufacturers who buy Forkardt products for use on their brands."He concluded, "Global machine tool consumption is expected to expand by approximately 35% in the next four years driven by China's developing economy, according to the Oxford Economic Group. We are confident that our accessory products have an excellent opportunity to participate in that growth, where our workholding presence is minimal. We expect that through continued product innovation, quality products and timely deliveries, we can gain global market share for our products. We believe there will also be opportunities for other relatively small, add-on acquisitions that will be available from time-to-time to expand this product line."
Hardinge Inc. Announces An Agreement To Acquire Forkardt Operations
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