Profile: Hurco Companies Inc (HURC.OQ)

HURC.OQ on NASDAQ Stock Exchange Global Select Market

18 Aug 2017
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Hurco Companies, Inc., incorporated on June 4, 1968, is an industrial technology company. The Company designs, manufactures and sells computerized (Computer Numeric Control (CNC)) machine tools, consisting primarily of vertical machining centers (mills) and turning centers (lathes), to companies in the metal cutting industry through a sales, service and distribution network. The Company operates through the industrial automation equipment segment. It provides software options, control upgrades, accessories and replacement parts for its products, as well as customer service and training support, and applications support. The Company also produces computer control systems and related software for press brake applications that are sold as retrofit units for installation on existing or new press brake machines.

The Company's computer control systems and software products are primarily sold as integral components of its computerized machine tool products. It operates the United States business through its subsidiary, Milltronics USA, Inc. (Milltronics). Milltronics manufactures and sells CNC knee mills, tool room bed mills, vertical machining centers, combination lathes, slant-bed lathes, horizontal machining centers and bed mills. The Company also owns the machine tool business of Takumi Machinery Co., Ltd. (Takumi), which designs and manufactures CNC vertical machining centers, double column machining centers, high speed bridge machines and other machine tools, with sales primarily in Taiwan, China and Europe.

The Company operates its Taiwanese business through its subsidiary, Hurco Manufacturing Limited (HML). As of October 31, 2016, the combined Hurco, Milltronics and Takumi product lines represented a product portfolio with over 150 different models. The Company has manufacturing and assembly operations in Taiwan, the United States, Italy and China, and distribution facilities in the United States, the Netherlands and Taiwan. As of October 31, 2016, the Company sold its products through 195 independent agents and distributors throughout North and South America, Europe and Asia. It also has its own direct sales and service organizations in China, France, Germany, India, Italy, Poland, Singapore, South Africa, Taiwan, the United Kingdom and certain parts of the United States. In addition, through LCM Precision Technology S.r.l. (LCM), the Company produces machine tool components and accessories.

Hurco CNC Machine Tools

The Company's computerized machine tools are equipped with an integrated interactive computer control system that features its WinMax software. The Company's computer control system enables a machine tool operator to create two-dimensional or three-dimensional (3D) machining programs from an engineering drawing or computer-aided design geometry file. In addition, WinMax has a Windows-based operating system. Its offering of machining centers, equipped with either a twin touch-screen console or a single touch-screen console, consists of the product lines, such as VM Product Line, VMX Product Line, Five-Axis Product Line, HS Product Line, HMX Product Line, HBMX Product Line, TM/TMM Product Line, TMX Product Line and DCX Product Line.

The VM product line consists of vertical machining centers for the entry-level market. The VMX product line consists of vertical machining centers. The five-axis product line is targeted at manufacturers seeking to produce multi-sided parts in a single setup. As of October 31, 2016, the HS product line consisted of four models with X-axis travels of 24, 30, 42 and 60 inches. As of October 31, 2016, the HMX product line consisted of three models in three sizes with X-axis travels of 24, 32 and 41 inches. As of October 31, 2016, the HBMX boring mill product line consisted of four models with X-axis travels of 55, 79, 94 and 120 inches. As of October 31, 2016, the TMM product line consisted of three models: TMM8, TMM10 and TMM12. The TMX product line consists of turning centers. As of October 31, 2016, the double column DCX series included five models in three sizes. Its HTM30 is an open-bed mill that is beneficial for tool room applications. The BX40 is a bridge mill designed for heavy cuts. The HM1700i and HM1700Ri are both horizontal mills that are equipped with a spindle that is used for both high and low end torque operations. The HM1700Ri has an embedded rotary torque table. Additionally, it offers a 3D print head technology that allows a Hurco CNC machine to be used for 3D printing.

Milltronics CNC Machine Tools

The Company's control systems are available in versions, including the Series 8200-B for tool room products and the Series 9000 offered on its vertical machining centers and bridge mills. Its portfolio consists of products, such as VM General Purpose (GP) Product Line, VM Inline Performance (IL) Product Line, VM Extra Power (XP) Product Line, BR Product Line, MM/MB/RH Product Line, SL Product Line and ML Product Line. The VM-GP product line consists of vertical machining centers designed for job shops, prototype, research and development (R&D), and other general machining applications. The VM-IL product line consists of vertical machining centers for high-speed applications, such as tool, die and mold, aerospace or medical machining. The VM-XP product line consists of vertical machining centers for metal removal applications, such as castings or forgings. The BR product line consists of bridge mills that are used in pattern shops and the aerospace industry in addition to job shops, due to the various table and travels that support a range of part sizes. Products with the MM/MB or RH designation are part of the tool room bed mill category, which are machines that do not have an enclosure, also referred to as open bed machines.

The SL product line of slant-bed lathes (horizontal turning centers) is designed for job shops and contract manufacturers seeking processing of small to medium lot sizes. The ML product line consists of combination lathes that the customer can configure for either tool room or production applications with the option to add live tooling.

Takumi CNC Machine Tools

The Company's Takumi machine tools models include drill and tap machines; three-axis vertical machining centers with linear guides; three-axis vertical machining centers with box ways; high-speed, double column vertical machining centers, and double column machining centers. Its product lines include VT Series, VC Series, V Series, H Series, G Series and BC Series. The VT Series includes a high-speed drill and tap machine. The VC Series vertical machining centers are three-axis linear guide machining centers designed for customers doing batch or production work. The V Series vertical machining centers are box way machines built for applications, such as roughing cast iron. As of October 31, 2016, the H Series product line consisted of eight models in seven different sizes with X-axis travels of 30, 35, 40, 53, 63, 86 and 126 inches. The G Series is designed for the machining of graphite or copper electrodes used in electrical discharge machining (EDM). The BC Series machine is a double column three-axis machining center designed for heavy cutting and applications that require high power and torque, such as mold and die.

Other Control Systems and Software

The Company's Autobend computer control systems are applied to metal bending press brake machines that form parts from sheet metal and steel plate. They consist of a microprocessor-based computer control and back gauge (an automated gauging system that determines where the bend will be made). As of October 31, 2016, the Company marketed two models of its Autobend computer control systems for press brake machines, in combination with six different back gauges as retrofit units for installation on existing or new press brake machines. In addition to its standard computer control features, the Company offers software option products for part programming. The common options include Swept Surface, DXF Transfer, UltiMonitor, UltiPocket with Helical Ramp Entry and Insert Pockets, Conversational Part and Tool Probing, Tool and Material Library, NC/Conversational Merge, Job List, Stream Load, Linear Thermal Compensation, Thread Repair and Simultaneous Five-Axis Contouring.

LCM Machine Tool Components and Accessories

Based in Italy, LCM designs, manufactures and sells mechanical and electro-mechanical components and accessories for machine tools. As of October 31, 2016, LCM had five lines of CNC rotary tables for both horizontal and vertical-horizontal positioning. Customers can choose rotary tables with either hydraulic or pneumatic clamping systems. As of October 31, 2016, LCM had seven lines of CNC tilting rotary tables, of which four lines are intended specifically for five-axis machining centers. As of October 31, 2016, LCM had two primary lines of swivel heads that enable the spindle axis to be tilted with continuous motion and a line of electro-spindles (built-in motors for swivel heads).

The Company competes with DMG Mori Seiki Co., Ltd., Mazak, Haas Automation, Inc., Hardinge Inc., Doosan, Okuma Machinery Works Ltd, Hyudai, Feeler, IBAG, Kessler, Peron Speed, GSA Technology Co., LTD and Duplomatic Automation.

Company Address

Hurco Companies Inc

1 Technology Way
INDIANAPOLIS   IN   46268-5106
P: +1317.2935309
F: +1317.3282811

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