INDIANAPOLIS, Oct. 25, 2024 (GLOBE NEWSWIRE) -- Hurco Companies, Inc. (NASDAQ:HURC), announced today its vision to drive the future of Autonomous Machining Centers by harnessing the power of AI, mechatronics, motion, and simulation technologies.
Greg Volovic, President and CEO of Hurco, said, "Building on the successful consolidation of Hurco, Milltronics, and Takumi PC hardware, we plan to transform manufacturing by reshaping industry standards and revolutionizing our market presence with cutting-edge technologies that advance automation and connectivity to address the labor challenges that continue to inhibit growth for our customers."
"Our research and development of AI-driven capabilities, such as feature detection, operation sequencing, and process control, will be critical to realizing our bold vision where Autonomous Machining Centers are the cornerstone of manufacturing. While we remain steadfast in our pursuit of this overarching goal, we are committed to commercializing incremental advancements along the way that will enhance productivity through hybrid AI-assisted solutions our customers can leverage to grow their businesses. Our drive for increased operational efficiency, reduced downtime, and real-time monitoring to ensure machine health, will propel the industry through the next wave of data-driven intelligent manufacturing," said Paul Gray, Executive Vice President, R&D, Engineering, and Product Development.
To support this next wave of smart manufacturing innovation, Hurco is focused on the following initiatives:
- Using brand scale to increase operational excellence and efficiency;
- Expanding market share through product development, partnerships, and acquisitions; and
- Investing in sustainable talent management.
Leveraging Brand Scale to Increase Operational Excellence and Efficiency
Hurco is strategically harnessing the scalability potential of its three global CNC brands to drive operational excellence and efficiency through standardization of industrialized hardware components and continued implementation of smart manufacturing processes that support sustainability.
"By streamlining our manufacturing processes, optimizing resource allocation, standardizing industrial components, and reducing our global energy footprint, we are improving cost efficiency while simultaneously aligning the company with sustainable practices, which is a crucial step toward long-term success. Our strategies range from optimizing inventory management through data-driven analytics to R&D of innovative technologies, such as polymer-mineral castings, all of which support our ambition for sustained – but responsible – growth," said Volovic.
Expanding Market Share through Product Development, Partnerships, and Acquisitions
Even more significant than the number of new models Hurco will add to each brand's product portfolio throughout the next five years, will be the launch of robotics, automation, and AI-driven applications to all product categories, positioning the company as a leader of Industry 5.0, where connected and automated systems collaboratively drive sustainable workforce-centric productivity and scalability for manufacturing.
Hurco aims to pursue strategic partnerships and acquisitions, and to broaden our scope through potential collaboration with other OEMs both inside and outside our business segments. This will allow the company to further expand its product range and diversify its offerings to address the growing global demand for automated and autonomous systems that will increase productivity and profitability for manufacturers around the world.
Investing in Sustainable Talent Management
Hurco prioritizes talent and career development initiatives to support its ambitious plans to lead the Industry 5.0 manufacturing revolution. "Our strategic partnership initiatives extend well beyond the industry. We actively pursue and develop relationships with universities and research groups internationally, giving us fresh opportunities to draw upon and acquire the best talent, from anywhere in the world. Our employees are our number one asset, consequentially, it is imperative that we remain focused and committed to continually providing new opportunities to grow their skills and knowledge, as well as, their influence on our products and business, which will be the catalyst for innovation that energizes and drives the company forward," said Gray.
Through cloud computing, edge computing, and digital twin technologies, Hurco is enabling smarter, safer, and more autonomous manufacturing practices that adapt seamlessly to global market demands, heralding a new era of innovation and excellence.
About Hurco Companies, Inc.
Hurco Companies, Inc. is an international, industrial technology company that sells its three brands of computer numeric control ("CNC") machine tools to the worldwide metal cutting and metal forming industry. Two of the Company's brands of machine tools, Hurco and Milltronics, are equipped with interactive controls that include software that is proprietary to each respective brand. The Company designs these controls and develops the software. The third brand of CNC machine tools, Takumi, is equipped with industrial controls that are produced by third parties, which allows the customer to decide the type of control added to the Takumi CNC machine tool. The Company also produces high-value machine tool components and accessories and provides automation solutions that can be integrated with any machine tool. The end markets for the Company's products are independent job shops, short-run manufacturing operations within large corporations, and manufacturers with production-oriented operations. The Company's customers manufacture precision parts, tools, dies, and/or molds for industries such as aerospace, defense, medical equipment, energy, transportation, and computer equipment. The Company is based in Indianapolis, Indiana, with manufacturing operations in Taiwan, Italy, the U.S., and China, and sells its products through direct and indirect sales forces throughout the Americas, Europe, and Asia. The Company has sales, application engineering support and service subsidiaries in China, the Czech Republic, England, France, Germany, India, Italy, the Netherlands, Poland, Singapore, the U.S., and Taiwan. Web Site: www.hurco.com
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Certain statements in this news release are forward-looking statements that involve known and unknown risks, uncertainties, and other factors that may cause our actual results, performance, or achievements to be materially different from any future results, performance, or achievements expressed or implied by such forward-looking statements. These factors include, among others, the cyclical nature of the machine tool industry; uncertain economic conditions, which may adversely affect overall demand, in the Americas, Europe and Asia Pacific markets; the risks of our international operations; governmental actions, initiatives and regulations, including import and export restrictions, duties and tariffs and changes to tax laws; the effects of changes in currency exchange rates; competition with larger companies that have greater financial resources; our dependence on new product development; the need and/or ability to protect our intellectual property assets; the limited number of our manufacturing and supply chain sources; increases in the prices of raw materials, especially steel and iron products; the effect of the loss of members of senior management and key personnel; our ability to integrate acquisitions; acquisitions that could disrupt our operations and affect operating results; failure to comply with data privacy and security regulations; breaches of our network and system security measures; possible obsolescence of our technology and the need to make technological advances; impairment of our assets; negative or unforeseen tax consequences; uncertainty concerning our ability to use tax loss carryforwards; changes in the SOFR rate; the impact of the COVID-19 pandemic and other public health epidemics and pandemics on the global economy, our business and operations, our employees and the business, operations and economies of our customers and suppliers; and other risks and uncertainties discussed more fully under the caption "Risk Factors" in our filings with the Securities and Exchange Commission. We expressly disclaim any obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
For More Information:
Sonja K. McClelland
Executive Vice President, Treasurer, & Chief Financial Officer
P: +1.317.293.5309
