Profile: Hurco Companies Inc (HURC.OQ)
27 May 2016
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 in the industrial automation equipment segment. It designs and produces interactive computer control systems and software, computerized machine tools, and machine tool components and accessories for sale through its own distribution network to the metal working market. It also provides software options, control upgrades, accessories and replacement parts for its products, as well as customer service and training 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 is operating 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), a company that 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. Takumi machines are equipped with industrial controls from Fanuc, Siemens, Mitsubishi or Heidenhain, which can be used in high-volume parts manufacturing.
The Company is operating the Taiwanese business through its subsidiary, Hurco Manufacturing Limited (HML). The combined Hurco, Milltronics and Takumi businesses represent a product portfolio with over 150 different models. Its executive offices, and principal design and engineering operations are headquartered in Indianapolis, Indiana, the United States. Sales, application engineering and service subsidiaries are located in China, France, Germany, India, Italy, Poland, Singapore, South Africa, Taiwan, the United Kingdom, and the United States. 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. It sells its products through over 170 independent agents and distributors throughout North 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 areas of the United States.
With the addition of the Milltronics and Takumi businesses, the Company has over three brands of CNC machine tools in its product portfolio: Hurco, which is the brand focused on technology; Milltronics, which is the entry level brand with a simplified control and straightforward feature sets, and Takumi, which is an industry standard brand with machines that are equipped with industry standard controls. In addition, through LCM Precision Technology S.r.l. (LCM), the Company produces machine tool components and accessories.
Hurco Brand of CNC Machine Tools
The Company designs, manufactures and sells computerized machine tools 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 complex two-dimensional or three-dimensional machining programs directly 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 nine product lines: 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 aimed at manufacturers that require greater part accuracy. The five-axis product line is targeted at manufacturers seeking to produce multi-sided parts in a single setup. The HS product line consists of four models with X-axis travels of 24, 30, 42 and 60 inches. The HMX product line consists of three models in three sizes with X-axis travels of 24, 32 and 41 inches. The HBMX boring mill product line consists of four models with X-axis travels of 55, 79, 94 and 120 inches. The TMM product line consists of three models: TMM8, TMM10 and TMM12. The TMX product line consists of turning centers. The double column DCX series includes over five models in approximately three sizes.
Milltronics Brand of CNC Machine Tools
The Company's offering of Milltronics machining centers, equipped with the Milltronics 8200 B High Speed CNC Control, consists of seven product lines: VM Product Line, TT Product Line, BR Product Line, MM/MB/RH Product Line, HBM Product Line, SL Product Line and ML Product Line. The VM product line consists of vertical machining centers for the entry-level market. The TT product line consists of the TT24 model with X-axis travels on both tables of 20 inches. 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 large table and travels that support a range of part sizes. Products with the MM/MB or RH designation are part of the toolroom bed mill category, which are machines that do not have an enclosure, also referred to as open bed machines.
The HBM110XT is designed for precision machining of big work pieces and is equipped with a Fanuc 32i-MB control system. The SL product line of slant-bed lathes (horizontal turning centers) is designed for entry-level 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 toolroom or production applications with the option to add live tooling.
Takumi Brand of 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 heavy duty, double column machining centers. Its product lines include VT Series, VC Series, V Series, H Series and BC Series. The VT Series includes one 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 heavy duty, box way machines built for tough applications, such as roughing cast iron. The H Series product line consists of eight models in seven different sizes with X-axis travels of 30, 35, 40, 53, 63, 86, and 126 inches. 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.
Hurco Computer 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). The Company markets over two models of its Autobend computer control systems for press brake machines, in combination with approximately 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. These products are sold to users of its Hurco computerized machine tools equipped with its twin touch-screen or single touch-screen consoles featuring WinMax control software. 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. LCM's direct drive spindle, swivel head, and rotary torque table are used in its SRT line of five-axis machining centers to achieve simultaneous five-axis machining. LCM has over 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. LCM has approximately seven lines of CNC tilting rotary tables, of which over four lines are intended specifically for five-axis machining centers. LCM has over two primary lines of swivel heads that enable the spindle axis to be tilted with continuous motion and one line of electro-spindles (built-in motors for swivel heads).
The Company competes with Deckel Maho Gildemeister Group (DMG), Mori Seiki Co., Ltd., Mazak, Haas Automation, Inc., Hardinge Inc., Doosan, Okuma Machinery Works Ltd, IBAG, Kessler, Peron Speed, GSA Technology Co., LTD and Duplomatic Automation.
Hurco Companies Inc
1 Technology Way
INDIANAPOLIS IN 46268-5106