Lincoln Electric Announces the Acquisition of Vernon Tool Company, Ltd.
November 30 2007 - 6:15PM
PR Newswire (US)
CLEVELAND, Nov. 30 /PRNewswire-FirstCall/ -- Lincoln Electric
Holdings, Inc. (NASDAQ:LECO) today announced that it has acquired
the assets and business of Vernon Tool Company, Ltd., a
privately-held manufacturer of computer-controlled pipe cutting
equipment used for precision fabrication purposes. Based in San
Diego, California, Vernon Tool's annual sales are approximately $9
million. Lincoln Electric expects that the acquisition will not
have a material impact on earnings in the first year. "Vernon Tool
is a solid company, and we are pleased that its experienced
management team will be joining Lincoln as we add the company's
product line to Lincoln's product offering and global sales
network," said John M. Stropki, Chairman and Chief Executive
Officer. "This acquisition adds to Lincoln's ability to support its
customers in the growing market for infrastructure development."
Founded in 1930, Vernon Tool Company provides solutions to
difficult pipe fabrication and process flow issues in industrial
construction, as well as heavy fabrication uses in the
infrastructure and energy-related segments. Two of the current
owners of Vernon Tool will remain with the company. 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 36 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, , Investors - Joe
Kelley, +1-216-383-8346, Web site: http://www.lincolnelectric.com/
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