Hardinge buys assets of UK grinding machine maker

Advanced metal-cutting solutions provider Hardinge Inc. has entered into a definitive agreement to acquire the assets of Jones and Shipman (J&S), a UK-based manufacturer of grinding and super-abrasive machines and machining systems, for 2 million pounds (US$3 million) from Precision Technologies Group Ltd. The J&S business has operated continuously in the UK, under various owners, since 1899. The company currently has about 65 employees, as well as projected sales of $9 million for its fiscal year ending on March 31, 2010. The transaction closed during the first week of April 2010, at which time J&S becomes part of the company's Kellenberger grinding organision. Hardinge continues J&S operations at the current Leicester location.(the end)Nike Paul George PG1