Lincoln Electric Distributes 75th Consecutive Profit-Sharing Bonus
today distributed profit-sharing bonuses totaling
its major operations in
consecutive year the 113-year-old company has paid a profit-sharing bonus.
The bonus is only one component of Lincoln’s much-studied and unique culture,
which includes its flexible compensation system and a Guaranteed Employment
Policy covering employees with three-plus years of continuous service.
The annual bonus ceremony was held at the Company’s headquarters here and
attended by approximately 3,000 employees in person or via satellite feed.
During the bonus ceremony,
Officer, thanked employees for their contributions and commitment to the
Lincoln system. Mr. Stropki said, “It has been your hard work, dedication and
drive that helped produce the strong financial results throughout this year,
and those results have delivered the substantial bonus we share today.”
Mr. Stropki cautioned that the economic picture ahead is not clear and
said: “No one is certain as to how long the current recession will last or
how severe it will be. In anticipation of a long, deep recession, we will
continue to look for ways to reduce our overall costs and do it in a way that
protects our long-term financial viability and preserves our long-standing and
very successful Guaranteed Employment Policy.”
The year-end bonus was first instituted by
an incentive to boost worker productivity and profitability at the Company in
the 1930s, with the first profit-sharing checks distributed in 1934. The 2008
average individual bonus paid to eligible employees was approximately
Lincoln Electric Company is the major North American subsidiary of Lincoln
Electric Holdings, Inc. (Nasdaq: LECO). The Company 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
manufacturing alliances and joint ventures in 20 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 .
The Company’s expectations and beliefs concerning the future contained in
this news release are forward-looking statements within the meaning of the
Private Securities Litigation Reform Act of 1995. These statements reflect
management’s current expectations and involve a number of risks and
uncertainties. Actual results may differ materially from such statements due
to a variety of factors that could adversely affect the Company’s operating
results. The factors include, but are not limited to: general economic and
market conditions; the effectiveness of operating initiatives; currency
exchange and interest rates; adverse outcome of pending or potential
litigation; possible acquisitions; market risks and price fluctuations related
to the purchase of commodities and energy; global regulatory complexity; and
the possible effects of international terrorism and hostilities on the Company
or its customers, suppliers and the economy in general. For additional
discussion, see “Item 1A. Risk Factors” in the Company’s Annual Report on Form
10-K.
SOURCE Lincoln Electric Holdings, Inc.