CLEVELAND, July 29, 2011 /PRNewswire/ -- Lincoln Electric
Holdings, Inc. (Nasdaq: LECO) announced today that it has acquired
the welding operation assets of Techalloy Company, Inc. and of its
parent company, Central Wire Industries Ltd. Known
commercially as Techalloy, the Baltimore,
Maryland-based manufacturer is a privately-held producer of
nickel alloy and stainless steel welding consumables.
"The addition of Techalloy expands our product portfolio of high
alloy consumables required to service customers in North America and around the world," said
John M. Stropki, Chairman and Chief
Executive Officer. "In particular, Techalloy's nickel alloy
welding consumables are positioned well globally in the high growth
energy and infrastructure segments of our business. We expect
growth in these segments to continue worldwide and believe the
Techalloy product line will help expand and deepen our
relationships with these key customers."
Techalloy has annual sales of approximately $70 million and employs 55 people. Terms were not
disclosed.
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.