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Hardinge "sold" to Privet

"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.
 
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
 
dkmc said:
"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"
Click to expand...

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.
 
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?
 
Oldwrench said:
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?
Click to expand...

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'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.
 
edwin dirnbeck said:
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
Click to expand...

They can raise debt on the assets of the company


Fill the company full of debt and bankrupt it, just like Remington.
 
L Vanice said:
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

View attachment 220555 View attachment 220556
Click to expand...

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
 
car2 said:
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.
Click to expand...

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".
 
old_dave said:
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
Click to expand...

Think the price of the HV4 has gone up a bit too drastically?
They raised their prices across the board several months ago.
The current price of the MANUAL 5C indexer is $10,000!

Here's a laugh....but they're serious.
ShopHardinge - HV 2D4

Take this with a grain of salt, but years back I heard from an inside source that
when the first Haas programmable indexers started to sell, and sales took off,
Gene asked Hardinge for a discount since he was buying quantities of them.
Hardinge said "absolutely not". So then he went to the import units and parted ways with Hardinge. Few years later, at one of the big machine tool shows, Haas was there with the VF1. At some point a heated discussion happened at the Hardinge booth, making fun of the VF1 or whatever, with Gene telling the Hardinge crew that "someday I'll put you out of business" which brought a round of roaring laughter from the Hardinge crew.

One way or another, like it or not, I think he's handed them their hats.
And made good on his statement.


 
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