Lincoln Electric Completes Severstal Welding Acquisition in Russia
CLEVELAND, March 11, 2011 - Lincoln Electric Holdings, Inc. (Nasdaq: LECO) today announced that it has completed the acquisition of OOO Severstal-metiz: welding consumables, a leading manufacturer of welding consumables in Russia and a subsidiary of OAO Severstal, a world leading, vertically integrated steel and mining company. As part of the transaction, Lincoln acquires manufacturing operations and exclusive distribution rights of the Severstal brand of welding consumables. Financial terms were not disclosed.
OOO Severstal-metiz: welding consumables' production operations are based in Orel, Russia, with 283 employees. Sales in 2010 were $40 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 41 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 at www.lincolnelectric.com/.
SOURCE Lincoln Electric Holdings, Inc.
CONTACT: (Media) Roy L. Morrow, +1-216-383-4893, Roy_Morrow@lincolnelectric.com, (Investors) Earl L. Ward, +1-216-383-5076, Earl_Ward@lincolnelectric.com
Web Site: www.lincolnelectric.com
