Key Developments For Hardinge Brothers Inc
Hardinge Brothers Inc (HDNG.O) (Nasdaq)
Hardinge Inc. Declares Cash Dividend
Hardinge Inc. announced that the Board of Directors declared a cash dividend of $0.005 per share on the Company's common stock, payable on December 10, 2009 to stockholders of record as of December 1, 2009.
Hardinge Inc. Plans Workforce Reduction; Issues H2 2009 Charge Outlook
Hardinge Inc. announced on August 4, 2009, that a reduced work week schedule resulting in cutbacks in manufacturing and support operations of 40% in most areas of its Switzerland based grinding operations. The Company is also planning a workforce reduction of approximately 65 employees in those operations, which would be effective near the end of the year after the statutorily mandated notification period. The Company also announced that for second half of 2009, it anticipates to record a charge for severance related expenses of between $1.3-$2.0 million.
Hardinge Inc. Announces Additional Workforce Reductions
Hardinge Inc. announced that it was further reducing its North American workforce by approximately 50 employees in response to continued weakness in demand for capital goods due to global economic conditions. This current workforce reduction represents approximately 10% of the Company's North America based employment, which is now almost 40% below mid year 2008.
Hardinge Inc. Announces Dividend
Hardinge Inc. announced that the Board of Directors declared a cash dividend of $0.005 per share on the Company's common stock, payable on June 10, 2009, to stockholders of record as of June 1, 2009.
Hardinge Inc. Obtains New Bank Financing Arrangement
Hardinge Inc. announced that on March 16, 2009, the Company entered into a new financing arrangement with Manufacturers and Traders Trust Company (M&T). Under the new agreement M&T provided the Company a $10 million term loan which is secured by substantially all of the Company's U. S. assets, as well as two thirds of the Company's investment in its foreign subsidiaries. The loan agreement contains no financial covenants. Proceeds from the term loan were used to repay approximately $8 million of Company indebtedness under a secured credit facility entered into in June 20. The Company entered into a commitment letter with M&T for a three-year $25 million revolving credit facility (Credit Facility), which when consummated will replace the $10 million term loan with M&T Bank, discussed above. The Company expects to close on the Credit Facility on or before April 30, 2009.
