CLEVELAND, March 11, 2011 /PRNewswire/ -- Lincoln Electric
Holdings, Inc. (Nasdaq: LECO) today announced that it has completed
the acquisition of OOO Severstal-metiz: welding consumables, a
leading manufacturer of welding consumables in Russia and a subsidiary of OAO Severstal, a
world leading, vertically integrated steel and mining company. As
part of the transaction, Lincoln acquires manufacturing operations
and exclusive distribution rights of the Severstal brand of welding
consumables. Financial terms were not disclosed.
OOO Severstal-metiz: welding consumables' production operations
are based in Orel, Russia, with
283 employees. Sales in 2010 were $40
million USD.
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 41 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 and uncertainties concerning customer or
employee retention.
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, 2010.
SOURCE Lincoln Electric Holdings, Inc.