Canadian Hardinge assumes control of Darbert Machinery Company Ltd.
Canadian Hardinge Machine Tools Ltd. (“Canadian Hardinge”) announced today that its subsidiary has assumed control of Darbert Machinery Company Ltd. (“Darbert”), a former distributor of Canadian Hardinge. There are no plans to continue business operations under the Darbert name.
Under its previous ownership, Darbert became insolvent and submitted a proposal to its creditors under the Bankruptcy and Insolvency Act (Ontario) in November 2006 (the “Proposal”). The Proposal was subsequently approved by the required majority of creditors and the Ontario Superior Court of Justice.
Canadian Hardinge, a subsidiary of Hardinge Inc. (“Hardinge Inc.”) now operates from the former Darbert location on Tomken Road in Mississauga, Ontario. “During the past few months, Canadian Hardinge has spent a considerable amount of time working on the many challenging issues that Darbert faced under its previous ownership,” according to J. Patrick Ervin, Chairman/President/CEO of Hardinge Inc. “This is now a fresh start for Canadian Hardinge. We look forward to devoting our full energy on direct sales and service support for customers in Canada.”
Hardinge Inc., founded more than 100 years ago, is an international leader in providing the latest industrial technology to companies requiring material-cutting solutions. The Company designs and manufactures computer-numerically controlled metal-cutting lathes, machining centers, grinding machines, collets, chucks, indexing fixtures, and other industrial products. The Company has manufacturing operations in the North America, Europe and Asia and distributes machines in all major industrialized countries of the world. Hardinge's common stock trades on NASDAQ under the symbol, "HDNG." For more information, please visit .
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.