LECO Lincoln Electric Holdings Inc

- Gross bonus pool of $89 million CLEVELAND, Dec. 12 /PRNewswire-FirstCall/ -- The Lincoln Electric Company today distributed profit-sharing bonuses totaling $89 million to employees at its major operations in Northeast Ohio. The distribution marked the 75th consecutive year the 113-year-old company has paid a profit-sharing bonus. The bonus is only one component of Lincoln's much-studied and unique culture, which includes its flexible compensation system and a Guaranteed Employment Policy covering employees with three-plus years of continuous service. The annual bonus ceremony was held at the Company's headquarters here and attended by approximately 3,000 employees in person or via satellite feed. During the bonus ceremony, John M. Stropki, Chairman and Chief Executive Officer, thanked employees for their contributions and commitment to the Lincoln system. Mr. Stropki said, "It has been your hard work, dedication and drive that helped produce the strong financial results throughout this year, and those results have delivered the substantial bonus we share today." Mr. Stropki cautioned that the economic picture ahead is not clear and said: "No one is certain as to how long the current recession will last or how severe it will be. In anticipation of a long, deep recession, we will continue to look for ways to reduce our overall costs and do it in a way that protects our long-term financial viability and preserves our long-standing and very successful Guaranteed Employment Policy." The year-end bonus was first instituted by James F. Lincoln, brother of John C. Lincoln, the Company's founder. J.F. Lincoln implemented the bonus as an incentive to boost worker productivity and profitability at the Company in the 1930s, with the first profit-sharing checks distributed in 1934. The 2008 average individual bonus paid to eligible employees was approximately $28,873. Lincoln Electric Company is the major North American subsidiary of Lincoln Electric Holdings, Inc. (NASDAQ:LECO). The Company 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 38 manufacturing locations, including operations, manufacturing alliances and joint ventures in 20 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: general economic and market conditions; 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. DATASOURCE: Lincoln Electric Holdings, Inc. CONTACT: Media: Roy L. Morrow, +1-216-383-4893, , Investors: Joseph P. Kelley, +1-216-383-8346, , both of Lincoln Electric Holdings, Inc. Web site: http://www.lincolnelectric.com/

Copyright