Hardinge successfully completes transactions to sell its entire global machinery and workholding business to affiliates of Centre Lane Partners
The businesses will continue as two separate entities with strengthened financial foundations and are positioned for future growth as leading global providers of machining and workholding solutions
Global machining activities will operate under the name “Kellenberger”
Global workholding activities will operate under the name “Forkardt Hardinge”
Sept. 19, 2024 – ELMIRA, N.Y.-(BUSINESS WIRE) – Hardinge Inc. and certain of its U.S. subsidiaries (collectively, “Hardinge” or the “Company”), a leading global provider of advanced machine tool, manufacturing and workholding solutions, today announced the successful completion of transactions under the United States Bankruptcy Code to sell substantially all of the Company’s global machining and workholding businesses to affiliates of Centre Lane Partners (“Centre Lane”). As a result of the closing of the transactions, the global machine and workholding businesses, Kellenberger and Forkardt Hardinge, will continue to operate as stand-alone businesses under the ownership of Centre Lane and will have the necessary capital resources and operational flexibility to invest in growth and better serve their global customer bases.
Kellenberger and Forkardt Hardinge will each be led by Greg Knight, former CEO of Hardinge, and Ryan Ervin, former President of Forkardt Hardinge. Both Knight and Ervin are experienced executives in the industry and are well positioned to utilize their extensive knowledge to position the two companies for long-term success.
“We are very pleased to have completed these transactions with Centre Lane, which position Kellenberger and Forkardt Hardinge for sustainable growth and allow the companies to continue to provide their clients with the market-leading solutions they expect,” said Knight. “We are grateful to Centre Lane for their strong partnership throughout this process and I look forward to contributing to Kellenberger’s continued success in my new role.”
“This milestone transaction provides Forkardt Hardinge with the financial foundation and operational flexibility to support future growth and investment,” said Ervin. “We thank Centre Lane for their strong support and look forward to the continued momentum and innovation of our workholding solutions under their leadership.”
“With an appropriate capital structure, both Kellenberger and Forkardt Hardinge are well positioned to reach new heights as global leaders in machinery and workholding solutions,” said Quinn Morgan, Managing Director at Centre Lane. “We thank Hardinge for their cooperation throughout the sale process and are focused on leveraging the strengths of Kellenberger and Forkardt Hardinge to continue to provide best-in-class solutions to customers around the world.”
About Kellenberger
The company offers a complete range of highly reliable CNC grinding machines and now, with Super Precision, also lathes.
The diverse products Kellenberger offers enable the company to support a variety of market applications in industries such as aerospace, agriculture, automotive, construction, consumer goods, defense, energy, medical, transportation and many others.
Kellenberger has a strong global presence with manufacturing facilities in North America, Europe and Asia. Kellenberger utilizes its technical and application expertise to provide companies with the right machine tool solution and support every time.
About Forkardt Hardinge
Forkardt Hardinge has been a leading global supplier of clamping systems for over 130 years. The company’s comprehensive product portfolio enables it to offer solutions for all major industries and regions. Forkardt Hardinge’s workforce consists of dedicated engineers who are experts in the entire product range, including collets, chucks, rotary tables, cylinders and accessories for both standard and customized solutions.
Forkardt Hardinge’s customer-centric approach, coupled with industry-leading quality and technology, makes the company an ideal partner for manufacturing solutions. Through continuous innovation, Forkardt Hardinge brings advances in clamping technology that small and large machining professionals around the world rely on.
About Centre Lane Partners
Founded in 2007, Centre Lane Partners is a private investment firm that invests in the equity and debt capital of middle market companies in North America. Centre Lane employs a flexible strategy that takes a solutions-oriented approach to complex situations. Centre Lane has an experienced, collaborative and diverse team and seeks partnerships with strong management teams that can benefit from Centre Lane’s patient, long-term capital and operational, financial and strategic capabilities.