Hardinge reveals more cost-cutting measures

Hardinge Inc. is implementing additional actions to reduce the company's cost structure more in line with the current global demand levels for machine tools. The company has started a ten week furlough of about 80 employees in its Elmira, New York manufacturing machine division. This represents roughly 20% of the Elmira based workforce. Hardinge has 1,300 employees throughout its worldwide operations. They believe that current customer demand can be satisfied from inventory on hand. Other areas of the Elmira factory will continue to work a reduced workweek. Hardinge reduced the pay of all U.S.-based salaried employees, including corporate officers, by an additional 5% resulting in a year to date salary decrease of 10%. It will also suspend future accrual of benefits under its U.S. defined benefit pension plan, which was closed to new participants in 2004, as of June 15, 2009, as well as suspend company contributions to the 401(K) program as of the same date.NIKE