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."
The Company plans to discuss its financial results and the Forkardt acquisition on its conference call today at 11:00 am ET. The conference call can be accessed by calling (201) 689-8560. The listen-only audio webcast will be available at www.hardinge.com .About Hardinge Hardinge is a leading global designer and manufacturer of high precision, computer-controlled machine tool solutions developed for critical, hard to machine metal parts. The Company's strategy is to leverage its global brand strength to further penetrate global market opportunities where customers will benefit from the technologically advanced, high quality, reliable equipment Hardinge produces. With approximately 75% of its sales outside the U.S., Hardinge serves the worldwide metal working market. Hardinge's machine tool solutions can also be found in a broad base of industries to include aerospace, agricultural, automotive, construction, consumer products, defense, energy, medical, technology and transportation.