Hardinge Inc. has made a significant change in management bringing in Rick Simons as CEO, a veteran of the company who had left to go to Carpenter Technology
Corporation for three years before coming back ultimately to replace Pat Ervin.
Hardinge stock has been on a long plunge over the last year. Simons appears to be a popular change from the old regime. Under Ervin, Hardinge focused on developing its worldwide business and had acquired prestigious Swiss brands like Kellenberger and Tschudin, but the North American machine tool business had decayed from the Haas onslaught on the less expensive end of the market and Japanese and Korean builders on the upscale side.
The Hardinge machine tool brand has been lost in the blizzard of brands and marketing. Simons has the advantage of knowing the cast of players in Elmira N.Y. and the insight from spending three years in Hardinge exile.
Since Simons has taken the reins, the stock has bounced like a yoyo, hitting a low of $11 and then quickly jumping up to $17. Could this indicate interest by an acquirer? With the cheap dollar, you never know.
