Hardinge agrees to acquire HTT Hauser Tripet Tschudin
The acquisition provides a nice fit for Hardinge and its Kellenberger line of universal and external cylindrical grinding machines. According to Bob Agan, Hardinge chairman and CEO, there is very little overlap with Kellenberger in either products or customers.
HTT was formed in 1994 to consolidate three long-established leaders in the grinding industry: Hauser, Tripet and Tschudin. Hauser machines are jig grinders for making demanding contour components, primarily for tool and moldmaking applications, and Tripet and Tschudin product technology is focused on the specialized grinding needs of high volume production customers.
"HTT is an excellent fit both strategically and operationally," says Agan. "Its management has the same strong commitment to our industry in terms of technological innovation, product quality and customer service. HTT's worldclass machines complement the precision grinding technology of our Kellenberger AG subsidiary, adding substantial breadth to our grinding machine product line."
Hardinge is purchasing 100% of HTT's stock for about $21.4 million, plus assumed debt of about $9.9 million. The agreement provides for the possibility of indeterminate additional future payments, contingent upon HTT's operating results after the acquisition.
HTT sales for the year ending Dec. 31, 2000 are expected to be approximately $35.1 million, with about three-quarters of these revenues from customers in Europe.
N/A, One Hardinge Drive, Elmira, NY 14902-1507 USA. Tel: 607-734-2281.
Edited by Jim Lorincz
Managing Editor
JLorincz@vertical.net