Hardinge announces additional work force reductions

Hardinge Inc., an international provider of metal-cutting equipment, today announced it is further reducing its North American work force by approximately 50 employees in response to continued weakness in demand for capital goods because of global economic conditions. The current work force reduction represents approximately 10 percent of the company's North America-based employment, which now is almost 40 percent below mid-year 2008.

"Today's action is very difficult, but necessary given the current business conditions," said Richard L. Simons, president and CEO. "Orders for machines produced in our Elmira facility have been adversely impacted by the severe economic downturn. We must continue to size our operations to reflect our incoming order rates, make changes in our business model as necessary, and concentrate on positive cash flow. The difficult staffing decisions made over the past 13 months have enabled the Company to maintain a solid financial footing despite the continuation of unfavorable business conditions. As of June 30, 2009, Hardinge is in a positive net cash position reflecting a consolidated cash balance of $16.5 million, compared to total debt of $12.2 million."