Lincoln Electric Announces the Acquisition of SPAWMET Sp. z.o.o.
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Lincoln Electric Co. Inc., The
22801 St. Clair Ave.
Cleveland, OH, 44117
Press release date: March 30, 2007
Cleveland - Lincoln Electric Holdings, Inc. (Nasdaq: LECO) today announced that it has acquired SPAWMET Sp. z.o.o., a privately held manufacturer of stick electrode products. The company expects that the acquisition will not have a material impact on earnings in the first year.
"We are very pleased to add the SPAWMET product line and strong personnel team to Lincoln's product offering and distribution network in Europe," said John M. Stropki, chairman and chief executive officer. "This acquisition provides Lincoln with an excellent portfolio of stick electrode products, which will help us pursue our growth strategy for the distribution markets in Eastern Europe. Moreover, the extensive distribution network of SPAWMET will enhance Lincoln's overall market position in Poland."
Headquartered near Katowice, Poland, SPAWMET's annual sales are approximately 5 million USD.
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.