Lincoln Electric Acquires Arc Products
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Lincoln Electric Co. Inc., The
22801 St. Clair Ave.
Cleveland, OH, 44117
Press release date: January 31, 2011
CLEVELAND, Jan. 31, 2011 - Lincoln Electric Holdings, Inc. (Nasdaq: LECO) announced today that it has acquired substantially all of the assets of Arc Products, a privately-held manufacturer of orbital welding systems and welding automation components based inSouthern California. Orbital welding systems are designed to automatically weld pipe and tube in difficult to access locations and for mission-critical applications requiring high weld integrity and sophisticated quality monitoring capabilities. The acquisition will complement Lincoln's ability to serve global customers in the nuclear, power generation and process industries worldwide.
Arc Products has annual sales of approximately $5 million and employs over 40 people. Terms were not disclosed.
"Orbital welding is one of the fastest growing segments of our industry," said John M. Stropki, Chairman and Chief Executive Officer. "Arc Products has a robust and cost effective line of orbital welding products that, combined withLincoln's advanced welding power sources and applications engineering expertise, will allow us to quickly build a global leadership position in this important segment."
"Joining with Lincoln will enable us to service and support end-users on a global basis, and will further accelerate our rapid growth in orbital welding systems," said Victor Miller, President of Arc Products.
"We have been impressed with Arc Products' strong product line and R&D capabilities, and we believe that Arc Products will help expand and deepen our relationships with key customers," said Mr. Stropki.
Lincoln Electric is the world leader in the design, development and manufacture of arc welding products, robotic arc-welding systems, plasma and oxyfuel cutting equipment and has a leading global position in the brazing and soldering alloys market. Headquartered in Cleveland, Ohio, Lincoln has 39 manufacturing locations, including operations and joint ventures in 19 countries and a worldwide network of distributors and sales offices covering more than 160 countries. For more information about Lincoln Electric, its products and services, visit the Company's Web site athttp://www.lincolnelectric.com.
SOURCE Lincoln Electric Holdings, Inc.
Kate M. Eidam