Lincoln Electric Announces the Acquisition of Nanjing Kuang Tai Welding Material Co., Ltd.
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Lincoln Electric Co. Inc., The
22801 St. Clair Ave.
Cleveland, OH, 44117
Press release date: July 20, 2007
CLEVELAND, July 20 /-- Lincoln Electric Holdings, Inc. (NASDAQ:LECO) today announced that it has acquired Nanjing Kuang Tai Welding Material Co., Ltd., a manufacturer of stick electrode products based in Nanjing, China. Lincoln previously owned 35% of Nanjing indirectly through its investment in Kuang Tai Metal Industrial Co. Ltd., the seller in the transaction. Nanjing's annual sales are approximately 10 million USD. The Company does not expect the acquisition to have a material impact on earnings in the first year.
"We are pleased to add the Nanjing product line and strong personnel team to Lincoln's product offering and distribution network in China," said John M. Stropki, Chairman and Chief Executive Officer. "This acquisition complements Lincoln's existing portfolio of stick electrode products manufactured in Lincoln Electric Inner Mongolia."
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 35 manufacturing locations, including operations, manufacturing alliances 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 at http://www.lincolnelectric.com/.
Source: Lincoln Electric Holdings, Inc.
CONTACT: Roy L. Morrow of Lincoln Electric Holdings, Inc., +1-216-383-4893, Roy_Morrow@lincolnelectric.com
Web site: http://www.lincolnelectric.com/