Lincoln Electric Announces Joint Venture With Zhengzhou Heli Welding Materials Co., Ltd.
November 29 2007 - 6:52PM
PR Newswire (US)
CLEVELAND, Nov. 29 /PRNewswire-FirstCall/ -- Lincoln Electric
Holdings, Inc. (NASDAQ:LECO) today announced that it has entered
into a majority-owned joint venture with Zhengzhou Heli Welding
Materials Co., Ltd., a privately- held manufacturer of subarc flux
based in Zhengzhou, China. The joint venture will manufacture
subarc flux and subarc wire in Zhengzhou. Annual sales for
Zhengzhou Heli are approximately $8 million. Lincoln expects that
the acquisition will not have a material impact on earnings in the
first year. "We are pleased to add the Heli product line and strong
personnel team to Lincoln's product offering and distribution in
China," said John M. Stropki, Chairman and Chief Executive Officer.
"This acquisition will fill a gap in Lincoln's offerings in the Far
East with locally manufactured submerged arc wire and flux."
Zhengzhou Heli has a leading position in flux for the submerged arc
welding process within the Chinese domestic market. Submerged arc
wire and flux are used for welding applications in heavy
construction, pipe mills, the energy sector and other
infrastructure-related segments. 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: Media, Roy L.
Morrow, +1-216-383-4893, , or Investors, Joe Kelley,
+1-216-383-8346, , both of Lincoln Electric Holdings, Inc. Web
site: http://www.lincolnelectric.com/
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