Hardinge "sold" to Privet
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  1. #1
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    Questin is, for who?, someone somewhere wants them.
    Mark

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    Have no idea who Privet is. Hope they are not corporate rapists.

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    Quote Originally Posted by morsetaper2 View Post
    Have no idea who Privet is. Hope they are not corporate rapists.
    With a name including the phrase "Fund management LLC"....what do you think ?

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    Private investment firm acquires a 100 year old manufacturing company.
    What could possibly go wrong??



    Quote Originally Posted by morsetaper2 View Post
    Have no idea who Privet is. Hope they are not corporate rapists.

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    Quote Originally Posted by digger doug View Post
    With a name including the phrase "Fund management LLC"....what do you think ?
    In 2 years Harbor Freight is selling Hardinge branded tools

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    "The transaction provides significant value and liquidity for our
    shareholders, as well as continuity and opportunities for future growth for our employees, and a full opportunity to market test the price in a rigorous go-shop process"

    They've certainly got the complementary corporate "feel good" mumbo-jumbo down pat.

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    I have some "STUF" for sale on ebay. I think that I will rebrand it all Hardinge"and market test the price in a rigorous go-shop process" before they flood the market and destroy the name completely.I guess this is how capitalism works,but it is a mystery to me ,how a thing called privat management llc came up with 245 million dollars. Edwin Dirnbeck

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    Quote Originally Posted by dkmc View Post
    "The transaction provides significant value and liquidity for our
    shareholders, as well as continuity and opportunities for future growth for our employees, and a full opportunity to market test the price in a rigorous go-shop process"
    I think I read their "roadmap to success" in there.

    1. "liquidity for our shareholders" = We found cash in the bank accounts, which
    we are draining.

    2. "a full opportunity to market test the price in a rigorous go-shop process"
    After draining the assets, we want to "flip or "quick sale" this company.

    3. "opportunities for future growth for our employees" We want to spin off certain sections, example the collet line, to make as much money as possible. But not revealing this point blank, to keep key personnel on board,
    instead of jumping ship to the competition.
    The electronics division, and all the stuff we bought from Europe, each,
    parceled out to the highest bidder, to maximize short term profits.

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    Hardinge was just a bit late to the game. THEY should have been the ones with a programmable 5C index. Instead, Gene Haas was selling them out of his car while Hardinge sat fat and happy commanding $50K for an HLV-H.

    And their response to the low-cost CNC market revolution was to buy Bridgeport?

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    Quote Originally Posted by Oldwrench View Post
    And their response to the low-cost CNC market revolution was to buy Bridgeport?
    They had to buy Bridgeport. That's where the dart landed.
    Now, maybe if the lights in the room were on......things would have went differently.

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    Damn.
    I will say that Stole Machinery survived its brush with capital management.
    But I'm not holding my breath on this one.

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    So this sale prolly has something to do with this purchase..................................

    http://hardingeus.com/Portals/0/V100...ale%202017.jpg

    I've been tire kickin 40x20 machines for some time........I guess a Bridgeport V1000 is off my list.

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    Quote Originally Posted by Oldwrench View Post
    Hardinge was just a bit late to the game. THEY should have been the ones with a programmable 5C index. Instead, Gene Haas was selling them out of his car while Hardinge sat fat and happy commanding $50K for an HLV-H.

    And their response to the low-cost CNC market revolution was to buy Bridgeport?
    I was just looking at my Hardinge literature recently and came across the Haas programmable 5C indexer advertised and sold by Hardinge in 1986. The indexer seems to be based either upon the Hardinge HV4 indexer, or the Finn Speed-Dex 24 indexer.

    ShopHardinge - HV 2P4 Hardinge HV4 Price $10,300.00

    Products Finn Speed-Dex 24 Price $1670.48

    Comparing the current prices of the Hardinge and Finn products, which are very similar, might provide a clue to Hardinge's current financial situation, whatever that may be.

    Larry

    dsc01359.jpg dsc01358.jpg

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    Quote Originally Posted by edwin dirnbeck View Post
    I have some "STUF" for sale on ebay. I think that I will rebrand it all Hardinge"and market test the price in a rigorous go-shop process" before they flood the market and destroy the name completely.I guess this is how capitalism works,but it is a mystery to me ,how a thing called privat management llc came up with 245 million dollars. Edwin Dirnbeck
    Hardinge collets and tooling, soon to be sourced from hither and yon, with a "Hardinge" label, exploiting the "Hardinge" brandname. Buy a company for the brandname, cheapen the quality and manufacturing cost (not consumer cost) while exploiting the reputation and brandname as long as possible: typical financial engineer process used on cookies to computers. The problem is, that the miscreant financial engineers don't realize that tooling and such equipment have very "objective" standards and functionality expectations that cannot be "hyped" to a generic consumer.

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    I'm probably going to regret admitting this, but I own a bit of Hardinge stock. Right after the notice of the impending sale, I see that a whole bunch of law firms are starting investigations as to whether the board of directors got the best possible deal for the company. I can't help but wonder if this is just another bunch of vultures trying to shake down the board for a payout.

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    Quote Originally Posted by edwin dirnbeck View Post
    I have some "STUF" for sale on ebay. I think that I will rebrand it all Hardinge"and market test the price in a rigorous go-shop process" before they flood the market and destroy the name completely.I guess this is how capitalism works,but it is a mystery to me ,how a thing called privat management llc came up with 245 million dollars. Edwin Dirnbeck
    They can raise debt on the assets of the company


    Fill the company full of debt and bankrupt it, just like Remington.

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    Quote Originally Posted by L Vanice View Post
    I was just looking at my Hardinge literature recently and came across the Haas programmable 5C indexer advertised and sold by Hardinge in 1986. The indexer seems to be based either upon the Hardinge HV4 indexer, or the Finn Speed-Dex 24 indexer.

    ShopHardinge - HV 2P4 Hardinge HV4 Price $10,300.00

    Products Finn Speed-Dex 24 Price $1670.48

    Comparing the current prices of the Hardinge and Finn products, which are very similar, might provide a clue to Hardinge's current financial situation, whatever that may be.

    Larry

    dsc01359.jpg dsc01358.jpg
    I bought a Hardinge HV 4 new in 1988 for $875. Running that price through an on line inflation calculator indicates that it should be $1850 in present day dollars. A price of $10,300 leaves me incredulous. And I'm glad I filled out my set of 5C collets to include "32's" (new Hardinge) when I did.

    David

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    Quote Originally Posted by car2 View Post
    while exploiting the reputation and brandname as long as possible: typical financial engineer process used on cookies to computers. The problem is, that the miscreant financial engineers don't realize that tooling and such equipment have very "objective" standards and functionality expectations that cannot be "hyped" to a generic consumer.
    Sadly they DO know. They even have curves for how long they can profitably ride it. PM'ers will still be "discovering" it many years from now. Look at how long it took before Jacobs chucks were caught-out.

    This is not even close to being a new phenomenon.

    Cue Chinese dairymen bumping nitrates score with melamine plastics. Upton Sinclair on alleged foodstuffs, USA, 1912'ish. An enterprising Roman selling portions of Spartacus' defeated army as sausage...

    World is ever FULL of folks with greed enough to believe they are the ones getting a "steal of a deal".

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