Hardinge buys UK grinding machine maker Jones & Shipman
1 min read
US-based machining centre, turning centre and grinding machine maker Hardinge Inc has entered into a definitive agreement to acquire the assets of the UK's Jones and Shipman, a surface and cylindrical grinding machine maker, for £2 million from Precision Technologies Group Ltd.
The transaction is expected to close in the first week of April 2010, at which time J&S will become part of Hardinge's Kellenberger grinding organisation, with plans to continue J&S operations at the current Leicester location.
The J&S grinding business has operated continuously in the UK, under various owners, since 1899. The company currently has approximately 65 employees, as well as projected sales of approximately £6 million for its fiscal year ending on March 31, 2010.
The UK grinding machine tool maker was bought by PTG in late 2006 from its previous owner, Renold plc.
"This transaction is a solid strategic fit for Hardinge adding valuable product lines, as well as the strong Jones and Shipman brand name, to our grinding portfolio," said Richard Simons, Hardinge's president and chief executive officer. "Along with expanding our European-based grinding business, J&S products will help us expand our Asian market presence."
