ELMIRA, N.Y., May 23 NY-Hardinge-Elects
ELMIRA, N.Y., May 23 /PRNewswire-FirstCall/ -- Hardinge Inc.
(Nasdaq: HDNG), a leading international provider of advanced material-cutting
solutions, today announced that President and CEO, J. Patrick Ervin has
stepped down from his position and that Richard L. Simons, the Company's
Senior Vice President and Chief Operating Officer, has been elected by the
Board to succeed him as President and CEO, effective May 22, 2008. Mr. Simons
has also been elected to the Board of Directors. Mr. Ervin has also resigned
from Hardinge's Board of Directors, however he will continue to support the
Company in a consulting role.
"The Board believes that a change in management is in the best interest of
the Company, the shareholders and Mr. Ervin," said Kyle H. Seymour, Chairman
of the Board. "Pat has dedicated his entire working life to Hardinge and has
been instrumental in transforming Hardinge into the international Company it
is today, with strong product lines and geographically balanced sales and
production. We are thankful to Pat for his commitment to Hardinge and his
contributions as leader of the Company since 2001. Rick brings with him
significant industry experience, enjoys the respect of the management team and
employees of the Company, and possesses the financial acumen necessary to lead
the next phase of the Company's transformation into an effective global
enterprise delivering solid and consistent financial performance."
Mr. Simons worked for Hardinge Inc. for 22 years and served as Executive
Vice President and Chief Financial Officer, with operational responsibility
for its Asian companies when he left the Company in 2005. He served as a
financial officer at Carpenter Technology Corporation (NYSE: CRS) for the past
two and a half years before his recent return to Hardinge.
Hardinge is a global designer, manufacturer and distributor of machine
tools, specializing in high-precision, computer controlled, material-cutting
machines. The Company's products are distributed to most of the
industrialized markets around the world and in 2007 approximately 66% of sales
were from outside of North America. Hardinge has a very diverse international
customer base and serves a wide variety of end-user markets. Along with
metalworking manufacturers which make parts for a variety of industries, our
customers include a wide range of end users in the aerospace, agricultural,
transportation, basic consumer goods, communications and electronics,
construction, defense, energy, pharmaceutical and medical equipment, and
recreation industries, among others. The Company has manufacturing operations
in the United States, Switzerland, Taiwan and China. Hardinge's common stock
trades on NASDAQ Global Select Market under the symbol, "HDNG." For more
information, please visit http://www.hardinge.com.
This news release contains forward-looking statements (within the meaning
of Section 27A of the Securities Act of 1933, as amended and Section 21E of
the Securities Exchange Act of 1934, as amended). Such statements are based on
management's current expectations that involve risks and uncertainties. Any
statements that are not statements of historical fact or that are about future
events may be deemed to be forward-looking statements. For example, words such
as "may," "will," "should," "estimates," "predicts," "potential," "continue,"
"strategy," "believes," "anticipates," "plans," "expects," "intends," and
similar expressions are intended to identify forward-looking statements. The
company's actual results or outcomes and the timing of certain events may
differ significantly from those discussed in any forward-looking statements.
The company undertakes no obligation to publicly update any forward-looking
statement, whether as a result of new information, future events, or
otherwise.
Contact: Edward Gaio
Vice President and CFO
(607) 378-4207
SOURCE Hardinge Inc.
