ELMIRA, N.Y. — Privet Fund Management LLC has completed the purchase of Hardinge Inc., the machine-tool manufacturer.
In March, Berwyn, Pennsylvania–based Privet announced its intentions to buy up all shares of Hardinge. The fund already owned a portion of Hardinge and said it would pay $18.50 cash for each remaining share.
On Monday, Privet announced in a press release that the purchase was complete for a total transaction value of about $245 million. It also said that Hardinge headquarters would immediately move from Elmira to Berwyn, outside Philadelphia.
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“Hardinge has been an established global brand and solutions provider to manufacturers for over 100 years,” said Chuck Dougherty, president and CEO of Hardinge. “Privet understands and appreciates the opportunities for growth in our industry and we are excited to partner with them. This deal will enable us to better focus on long-term growth and performance of our business.”
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