Ervin named new chairman at Hardinge

CNY Business Journal (1996+), Dec 06, 2002

ELMIRA - The board of directors of Hardinge, Inc. (NASDAQ: HDNG) has elected J. Patrick Ervin chairman of the board, effective Jan. 1, 2003. Ervin, 45, will retain his title of president and chief executive officer. E. Martin Gibson, currently chairman of the board, will remain as a member of the board of directors after Jan. 1.

The board also appointed Douglas G. Rich vice presidentgeneral manager, U.S. Machine Operations. Rich, 46, previously held the title of vice president manufacturing.

Hardinge's board also has declared a cash dividend of 1 cent per share on the company's common stock, payable Dec. 10 to stockholders of record Nov. 29. This dividend, it said, reflects a reduction from the previous semi-annual dividend of 3 cents, announced in May. In May, the company also announced its policy of considering dividends on a semi-annual basis in May and November of each year, rather than quarterly.

The board noted that the reduction in the dividend rate was a necessary action due to the current difficult operating conditions in the machine-tool industry and the effect those conditions have had on the operating performance of the company.

Hardinge, Inc., founded more than 100 years ago, designs and manufactures computer-numerically-controlled, metal-cutting lathes; machining centers; grinding machines; and other industrial products. On Sept. 30, Hardinge showed a net income of $15,000 on sales of $48.854 million.