Bridgeport Machines signs letter of intent to acquire German operations.BRIDGEPORT, Conn.--(BUSINESS WIRE)--May 12, 1995--Bridgeport Machines, Inc. (Nasdaq: BPTM BPTM Berkeley Predictive Technology Model ) through its wholly owned United Kingdom subsidiary, Bridgeport Machines Ltd., announced today that it has signed a letter of intent to acquire certain assets of a former manufacturing plant of the Deckel Maho AG I.K. in Kempten, Germany and to lease the manufacturing facility. The transaction is subject to finalization of terms and approval by Bridgeport's Board of Directors. Terms were not disclosed. The Kempten plant, completed in 1992, is an ultra-modern manufacturing facility designed for the machining and processing of large castings primarily used for the production of machining centers. Malcolm Taylor, Managing Director of Bridgeport Machines Ltd., noted that in addition to operating the flexible manufacturing system Flexible manufacturing system A factory or part of a factory made up of programmable machines and devices that can communicate with one another. , the Company also is planning to include a final assembly shop for machining centers. Dan L. Griffith, President and Chief Financial Officer of Bridgeport Machines, commented: "This transaction represents an extraordinary opportunity to add state-of-the-art production capabilities in Europe at a time when our U.K. facility is running at full capacity to meet record levels of demand. In addition, this operation provides us with a direct presence in Europe's largest machine tool market and should enable us to increase our European market share in machining centers." Bridgeport Machines, Inc., founded in 1939, is leading manufacturer of manual and computer numerically controlled (CNC (Computerized Numerical Control) See numerical control. CNC - Collaborative Networked Communication ) metal cutting machine tools in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. and United Kingdom. The Company primarily focuses on standardized, general-purpose machine See general-purpose computer. tools for small-to-medium sized machine shops throughout the United States and in 60 countries worldwide. The Company also manufactures and sells surface grinders under the Harig brand name and sells manual and CNC lathes under the ROMI ROMI Return on Marketing Investment ROMI Rule Out Myocardial Infarction ROMI Rekey Operator-Machine Interface and EZ-PATH brand names. CONTACT: Bridgeport Machines Inc. Dan Griffith, president & CFO See Chief Financial Officer. , 203/367-3651 or Morgen-Walke Associates June Filingeri, Cara Thompson Media Contact: Stan Froelich 212/850-5600 |
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