Lincoln Electric Announces Acquisition of Inovatech Engineering Corporation
December 03 2018 - 7:30AM
Lincoln Electric Holdings, Inc. (the “Company”) (Nasdaq: LECO)
today announced it acquired Inovatech Engineering Corporation
(“Inovatech”) and related assets. Inovatech is a privately held
Ontario, Canada-based manufacturer of advanced robotic plasma
cutting solutions for structural steel applications.
“We are pleased to welcome Inovatech into the industry’s leading
automation portfolio,” said Christopher L. Mapes, Chairman,
President and Chief Executive Officer. “The addition scales our
automated cutting solutions and application expertise for
structural steel applications and supports long-term growth in that
market.”
Terms of the transaction were not disclosed.
Forward-Looking Statements
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. For additional
discussion, see "Item 1A. Risk Factors" in the Company's Annual
Report on Form 10-K.
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
global position in the brazing and soldering alloys market.
Headquartered in Cleveland, Ohio, Lincoln Electric has 56
manufacturing locations, including operations and joint ventures in
20 countries and a worldwide network of distributors and sales
offices covering more than 160 countries. For more
information about Lincoln Electric and its products and services,
visit the Company’s website at www.lincolnelectric.com.
Contact
Amanda Butler
Vice President, Investor Relations & Communications
Tel: 216.383.2534
Email: Amanda_Butler@lincolnelectric.com
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