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8-K - FORM 8-K - LINCOLN ELECTRIC HOLDINGS INC | l41745e8vk.htm |
Exhibit 99.1
Media Contact: Roy L. Morrow (216) 383-4893
Roy_Morrow@lincolnelectric.com
Roy_Morrow@lincolnelectric.com
Investors Contact: Earl L. Ward (216) 383-5067
Earl_Ward@lincolnelectric.com
Earl_Ward@lincolnelectric.com
Lincoln Electric Acquires Arc Products
CLEVELAND, Ohio, U.S.A., January 31, 2011 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 Lincolns
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 Lincolns 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.
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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 Companys Web site at
http://www.lincolnelectric.com.
The Companys 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 managements 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 Companys 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 Companys 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 Companys Annual Report on Form 10-K
for the year ended December 31, 2009.
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