Hurco's AI Innovations Set to Revolutionize the Industry, Ushering in a New Era of Speed and Precision
INDIANAPOLIS, Oct. 11, 2024 (GLOBE NEWSWIRE) -- Hurco Companies, Inc. (NASDAQ:HURC) made waves at the 2024 International Manufacturing Technology Show (IMTS), unveiling cutting-edge technological advancements that mark a turning point in the company's ability to leverage emerging AI technology directly into its core control software. Business owners and operators will be excited to learn that these innovations, born from relentless R&D efforts, position Hurco as a leader in machine tool technology. Visitors to IMTS were given an exclusive preview of the revolutionary AI-driven features that will define Hurco's next-generation control systems, showcasing the company's forward momentum and continued leadership in CNC control technology.
Hurco's AI implementation isn't just a buzzword—it's real AI delivering real results. What once took several minutes to accomplish with conversational programming can now be done in just seconds. This breakthrough speeds up the machine tool operation process, transforming efficiency in unprecedented ways. Hurco's AI technology is a real programming option embedded at the core of the control technology, enabling customers to achieve faster, smarter, and more precise outcomes.
"Our success stems from two key advantages," said Greg Volovic, Hurco's President and CEO. "First, our complete vertical integration—we own the entire CNC machine, control, and software. This gives us unparalleled agility in testing and integrating new technologies. Second, our unwavering commitment to innovation spans all economic cycles, supported by a robust balance sheet and disciplined financial strategy cultivated over many decades."
Volovic continued, "AI is a critical enabler, helping our customers reach new levels of efficiency and profitability. Tools like Hurco's ChatCNC™ Chatbot, which provides instant operator support, and AI Feature Recognition, which leverages machine learning to drastically reduce part programming times, have the potential to change the competitive landscape for our customers in the manufacturing industry."
Developing and showcasing this kind of advancement in AI puts Hurco at the forefront of the AI manufacturing revolution, with the tools, expertise, and the solid financial strength to continue transforming the machining landscape. With its innovation pipeline brimming, Hurco is primed to continue helping its customers accelerate productivity and drive profitability for years to come.
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.
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Sonja K. McClelland
Executive Vice President, Treasurer, & Chief Financial Officer
P: +1.317.293.5309
