OXFORD, Mass. and CLEVELAND, Nov. 2,
2010 /PRNewswire-FirstCall/ -- IPG Photonics Corporation
(IPG), the world leader in high-power fiber lasers and amplifiers,
and Lincoln Electric Holdings, Inc., (Nasdaq: LECO), the world
leader in arc welding and cutting products, have formed a strategic
partnership to explore global opportunities in the high-power laser
welding and cutting market. Lincoln Electric selected IPG to be
part of its strategic supplier vendor list in its effort to enhance
supply chain and technology development relationships with critical
industry partners.
Under the agreement, the two companies will pursue joint ways of
providing expanded turnkey hybrid fiber laser-MIG welding solutions
to industrial customers around the world. The partnership will also
involve cooperative sales, application development and marketing
efforts. Examples of potential benefits to be derived from
this agreement include collaboration and strategy development
toward pursuit of new business opportunities, shared technology
development, improved business processes, rapid commercialization,
system integration and entry into new markets, applications and
customers.
"Our companies have enjoyed an excellent working relationship
over the past several years," said Dr. Valentin P. Gapontsev, Chairman and Chief
Executive Officer of IPG. "Strategic partnering is an
effective vehicle to grow market presence, accelerate opportunity
creation and strengthen our competitive position. This agreement
reinforces our valued relationship with Lincoln Electric, provides
a unique forum for persistent engagement at the executive levels of
both companies, and ultimately ensures our mutual customer base can
enjoy the depth and advantages of the high-performance enabling
technologies each company offers."
"This strategic partnership brings together the world's
strongest welding company and the world's leader in laser
technology to provide innovative, integrated laser welding
solutions to the marketplace," said John M.
Stropki, Chairman and Chief Executive Officer of Lincoln
Electric. "It also affirms our companies' strong commitment to
bring maximum value to customers worldwide. Construction,
Automotive, Energy and General Fabrication customers around the
globe will benefit from the cooperative efforts of IPG and Lincoln
Electric to deliver best-in-class, turnkey automated laser and
hybrid laser welding solutions that will increase productivity and
quality, as well as reduce costs."
About IPG Photonics Corporation
IPG Photonics Corporation is the world leader in high-power
fiber lasers and amplifiers. Founded in 1990, IPG pioneered the
development and commercialization of optical fiber-based lasers for
use in a wide range of applications such as materials processing,
advanced applications, telecommunications and medical. Fiber lasers
have revolutionized the industry by delivering superior
performance, reliability and usability at a lower total cost of
ownership compared with conventional lasers, allowing end users to
increase productivity and decrease operating costs. IPG has its
headquarters in Oxford,
Massachusetts, and has additional plants and offices
throughout the world. For more information, please visit
www.ipgphotonics.com.
About Lincoln Electric
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
position in the brazing and soldering alloys market. Headquartered
in Cleveland, Ohio, Lincoln
Electric has 38 manufacturing locations, including operations 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 website at
www.lincolnelectric.com.
SOURCE Lincoln Electric Holdings, Inc.