Hardinge and Ohio Tool Works have completed a definitive agreement under which Hardinge has acquired OTW.
Hardinge says the deal enhances its machine tool and workholding portfolio with “an attractive platform of high precision honing machines, tooling and abrasives”.
OTW designs and builds both standard and custom honing technology for a diverse and growing base of global customers across the industrial, aerospace, defense, and metal working industries.
OTW’s highly-engineered honing solutions ensure that its customers’ own mission-critical products – such as aerospace components and high-pressure cylinders – are precisely finished for performance and reliability.
Ryan Levenson, Hardinge CEO, says: “OTW is recognized for its advanced honing technology and market leading innovation, which complement Hardinge’s premium portfolio of high precision turning, milling and grinding machines. The OTW professionals are experts in all things honing.
“We are excited to bring OTW and its technologies into our global sales and service network and to truly globalize this business. We welcome the OTW team into the Hardinge family and look forward to growing the product lines through our global platform.”
Hardinge acquired OTW from Artemis Capital Partners, the Boston-based private equity firm focused on buying and building exceptional Industrial Tech companies.
James Ward, partner at Artemis, says: “We are proud of what the OTW team has accomplished in partnership with Artemis. Given OTW’s industry-recognized commitment to innovation, customer, and quality, the Company is uniquely positioned to capture growing demand in the global honing markets together with Hardinge. It’s a natural strategic fit and we are excited to cheer them on.”