Lincoln Electric Completes J.W. Harris Co. Acquisition
April 29 2005 - 5:10PM
PR Newswire (US)
Lincoln Electric Completes J.W. Harris Co. Acquisition CLEVELAND,
April 29 /PRNewswire-FirstCall/ -- Lincoln Electric Holdings, Inc.
(NASDAQ:LECO) today announced that it has completed the acquisition
of J.W. Harris Co., Inc., a privately-held brazing and soldering
alloys manufacturer, for $70 million in cash and $15 million of
assumed debt. The Company expects J.W. Harris to contribute $.03 to
$.05 to earnings per share in the first full year of operation. "We
are pleased to add the J.W. Harris line to Lincoln's global product
offerings and distribution," said John M. Stropki, Chairman and
Chief Executive Officer. "This acquisition provides Lincoln with
both a strong complementary metals-joining technology and a leading
market position in the brazing and soldering alloys market. We will
carry on the J.W. Harris commitment to excellence and innovation."
Headquartered in Mason, Ohio, J.W. Harris Co., Inc. has 335
employees and manufacturing plants in Ohio and Rhode Island. An
international distribution center is located in Spain. Annual sales
are approximately $100 million. 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. Headquartered in Cleveland, Ohio, Lincoln has
operations, manufacturing alliances and joint ventures in 18
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: the effectiveness of operating
initiatives; currency exchange and interest rates; adverse outcome
of pending or potential litigation; the ability to maintain and
grow the J.W. Harris business after the transaction without the
presence of the founder; market risks and price fluctuations
related to the purchase of commodities and energy; and the possible
effects of international terrorism and hostilities on the Company
or its customers, suppliers and the economy in general. DATASOURCE:
Lincoln Electric Holdings, Inc. CONTACT: Roy L. Morrow of Lincoln
Electric Holdings, Inc., +1-216-383-4893, or Web site:
http://www.lincolnelectric.com/
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