CLEVELAND, Jan. 31, 2011 /PRNewswire/ -- Lincoln Electric
Holdings, Inc. (Nasdaq: LECO) announced today that it has acquired
substantially all of the assets of Arc Products, a privately-held
manufacturer of orbital welding systems and welding automation
components based in Southern
California. Orbital welding systems are designed to
automatically weld pipe and tube in difficult to access locations
and for mission-critical applications requiring high weld integrity
and sophisticated quality monitoring capabilities. The acquisition
will complement Lincoln's ability
to serve global customers in the nuclear, power generation and
process industries worldwide.
Arc Products has annual sales of approximately $5 million and employs over 40 people. Terms were
not disclosed.
"Orbital welding is one of the fastest growing segments of our
industry," said John M. Stropki,
Chairman and Chief Executive Officer. "Arc Products has a
robust and cost effective line of orbital welding products that,
combined with Lincoln's advanced
welding power sources and applications engineering expertise, will
allow us to quickly build a global leadership position in this
important segment."
"Joining with Lincoln will
enable us to service and support end-users on a global basis, and
will further accelerate our rapid growth in orbital welding
systems," said Victor Miller,
President of Arc Products.
"We have been impressed with Arc Products' strong product line
and R&D capabilities, and we believe that Arc Products will
help expand and deepen our relationships with key customers," said
Mr. Stropki.
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 39 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 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
subsequent to closing the above-mentioned transaction. The factors
include, but are not limited to: the success of post-closing
integration efforts; ongoing development of technology; and the
retention of key customers and employees.
More generally, the Company's operating results may also vary
from forward-looking statements due to the following factors: the
effectiveness of operating initiatives; general economic and market
conditions; 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, 2009.
SOURCE Lincoln Electric Holdings, Inc.