Hardinge To Cut 50 Jobs

General Dynamics Wins $45 Million Egyptian Tank Contract

July 21, 2009 (FinancialWire) — The U.S. TACOM Lifecycle Management Command has awarded General Dynamics’ (NYSE: GD) Land Systems unit a $45 million contract for the Egyptian tank co-production program.

Work to be performed under the contract includes manufacturing technical assistance on M1A1 Abrams tanks at the Egyptian tank plant and supplying component equipment such as tools, gauges, fixtures and machines.

The award is in support of the tenth increment of the Egypt’s Abrams co-production program. General Dynamics has provided components for kits used in the co-production program since 1992.

Under the program, parts are shipped to a production facility near Cairo, Egypt, where the tanks are manufactured for the Egyptian Land Forces.

Under the latest award, components will be performed in Sterling Heights, Michigan, with completion estimated for December 2012.

Falls Church, Virginia-based General Dynamics employs around 92,900 people worldwide. The company offers business aviation systems, land and expeditionary combat systems, armaments and munitions, shipbuilding and marine systems and information systems and technologies.

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Free annual reports for companies mentioned in the news are available through the Free Annual Reports Service (http://investrend.ar.wilink.com/?level=279).

Haldeman Named CEO Of Freddie Mac

July 21, 2009 (FinancialWire) — Mortgage funder Freddie Mac’s (NYSE: FRE) board has named Charles E. Haldeman, Jr. as the company’s chief executive officer and has elected him as a director. He will succeed John A. Koskinen, who has been serving as Freddie Mac’s interim CEO since March.

Haldeman was formerly chairman of Putnam Investment Management, the investment advisor for the Putnam Funds, until June 30. He previously served as president and CEO of Putnam Investments.

Freddie Mac said it expects that Haldeman’s employment and board tenure will begin in August 2009, following release of the company’s second quarter financial results.

Koskinen will resume his previous position as non-executive chairman of the board.

McLean, Virginia-based Freddie Mac provides mortgage capital to lenders. The company was established by Congress in 1970 to provide liquidity, stability and affordability to the nation’s residential mortgage markets.

Free annual reports for companies mentioned in the news are available through the Free Annual Reports Service (http://investrend.ar.wilink.com/?level=279).

China In-Focus: China Green Agriculture Prices 3.5 Million common shares

July 21, 2009 (FinancialWire) — China Green Agriculture, Inc. (AMEX: CGA) said it has priced an offering to sell 3.5 million shares of its common stock at $7.15 per share in a public offering. Roth Capital Partners acted as the sole underwriter.

The company said it expects that the offering will yield net proceeds of around $23.7 million and plans to use all of the funds to expand its existing research and development through the construction of new green-house facilities.

China Green said it estimates that these new facilities will require an aggregate investment of around $38.6 million over the course of two years. The company plans to use existing cash reserves, operating profits and bank loans to provide the difference between the total required investment of the new green-house facilities and the net proceeds from this offering.

Xi’an, China-based China Green Agriculture produces and distributes humic acid based liquid compound fertilizer. The company markets its fertilizer products to private wholesalers and retailers of agricultural farm products in 27 provinces in the PRC.

Free annual reports for companies mentioned in the news are available through the Free Annual Reports Service (http://investrend.ar.wilink.com/?level=279).

China In-Focus: Lin Named COO At ATA

July 21, 2009 (FinancialWire) — ATA Inc. (NASDAQ: ATAI) (Current Market Cap: $186.00 Mil.), a provider of computer-based testing services in China, has appointed Bennie Lin as the company’s chief operating officer.

Lin was formerly general manager of strategic accounts with Microsoft (NASDAQ: MSFT), where he was responsible for the country-wide business drive focused on developing and expanding sales to the state-owned enterprise and public sector customers.

Prior to that, Lin worked for Hewlett Packard in various capacities, most recently as vice president and general manager of strategic accounts and business development.

Beijing-based ATA offers services for the creation and delivery of computer-based tests based on its proprietary testing technologies and test delivery platform. The company’s services are used for professional licensure and certification tests in various industries, including information technology, or IT, services, banking, teaching, securities, insurance and accounting.

ATA’s test center network comprised 1,925 authorized test centers located throughout China as of March 31.

Free annual reports for companies mentioned in the news are available through the Free Annual Reports Service (http://investrend.ar.wilink.com/?level=279).

Hardinge To Cut 50 Jobs

July 21, 2009 (FinancialWire) — Hardinge Inc. (NASDAQ: HDNG) (Current Market Cap: $45.20 Mil.), A provider of metal-cutting machines, said it is further reducing its North American workforce by around 50 employees in response to continued weakness in demand for capital goods due to global economic conditions.

The latest workforce reduction represents around 10% of the company’s North America based employment, which is now almost 40% below mid-year 2008.

Hardinge said that, as of June 30, it is in a positive net cash position reflecting a consolidated cash balance of $16.5 million, compared to total debt of $12.2 million.”

The company also said it will release second quarter results and conduct its investor conference call on August 6.

Elmira, New York-based Hardinge is a designer, manufacturer and distributor of machine tools, specializing in computer controlled metal-cutting machines.

The company’s products are distributed to industrialized markets around the world.

Hardinge serves metalworking manufacturers as well as end users in the aerospace, agricultural, transportation, basic consumer goods, communications and electronics, construction, defense, energy, pharmaceutical and medical equipment, and recreation industries, among others.

The company has manufacturing operations in the United States, Switzerland, Taiwan and China.

Free annual reports for companies mentioned in the news are available through the Free Annual Reports Service (http://investrend.ar.wilink.com/?level=279).

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