Lincoln Electric Completes Severstal Welding Acquisition in Russia
CLEVELAND, March 11, 2011 /PRNewswire/ — 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 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 subsequent to closing the above-mentioned transaction. The factors include, but are not limited to: the success of post-closing integration efforts and uncertainties concerning customer or employee retention.
More generally, the Company’s operating results may also vary from forward-looking statements due to the following factors: the effectiveness of operating initiatives; general economic and market conditions; 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 for the year ended December 31, 2010.
SOURCE Lincoln Electric Holdings, Inc.