CLEVELAND, July 29, 2011 /PRNewswire/ -- Lincoln Electric
Holdings, Inc. (Nasdaq: LECO) announced today that it has acquired
substantially all of the assets of Applied Robotics, Inc., a
leading manufacturer of CNC cutting tables and accessories in
North America. Applied
Robotics, known in the welding industry by its brand name,
Torchmate, has headquarters and manufacturing facilities based in
Reno, Nevada.
Torchmate (www.torchmate.com) offers a wide selection of CNC
plasma and oxyfuel cutting tables and systems to small and medium-
sized fabricators. The company's trailing twelve months of
sales are approximately $13 million,
and Torchmate currently employs 44 people. Terms were not
disclosed.
"Metal cutting is closely aligned with arc welding, and the
addition of Torchmate will bolster our ability to provide cutting
process solutions for our customers," said John M. Stropki, Chairman and Chief Executive
Officer. "Torchmate's CNC plasma cutting tables provide an
economic option to cutting solutions required by many metal
fabricators. The Torchmate product offering will enhance
existing cutting options for Lincoln Electric's customers here in
North America and around the
world."
"Joining with Lincoln will
significantly expand our ability to reach fabricators throughout
North America and worldwide," said
Bill A. Kunz, Chief Executive
Officer of Torchmate. "Our portfolio of products is perfectly
aligned to service the cutting needs of these customers, and I am
very excited to join the Lincoln Electric team."
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 website 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.
Forward-looking statements generally can be identified by the
use of words such as "may," "will," "expect," "intend," "estimate,"
"anticipate," "believe," "forecast," "guidance" or words of similar
meaning. 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 post acquisition integration efforts; and
market risks and price fluctuations related to the purchase of
commodities and energy. For additional discussion, see "Item 1A.
Risk Factors" in the Company's Annual Report on Form 10-K.
SOURCE Lincoln Electric Holdings, Inc.