Lincoln Electric Announces The Acquisition Of SPAWMET Sp. z.o.o.
March 30 2007 - 9:53AM
PR Newswire (US)
CLEVELAND, March 30 /PRNewswire-FirstCall/ -- 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/.
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; 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, 2006. DATASOURCE: Lincoln Electric Holdings, Inc.
CONTACT: Roy L. Morrow of Lincoln Electric Holdings, Inc.,
+1-216-383-4893, , Web site: http://www.lincolnelectric.com/
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