Lincoln Electric Acquires Shape Cutting and Engineered Systems Businesses from
-- Adds Kaliburn shape cutting power sources and Burny cutting systems
CLEVELAND, Nov. 13, 2012
CLEVELAND, Nov. 13, 2012 /PRNewswire/ --Lincoln Electric Holdings, Inc.
(Nasdaq: LECO) today announced that it has acquired the Kaliburn, Burny and
Cleveland Motion Control (CMC) businesses from ITT Corporation (NYSE: ITT).
Kaliburn is a designer and manufacturer of shape cutting solutions. Burny
produces shape cutting control systems. CMC manufactures web tension
transducers and engineered machine systems.
"Kaliburn and Burny are strong brands in thehigh precision shape cutting
space. Including their UltraSharp cutting technology and well-established,
excellent quality products in our portfolio will further strengthen and expand
our offerings to ourglobal distributor partnersand end-user customers," said
John M. Stropki, Chairman and Chief Executive Officer.
Terms of the transaction were not disclosed.
All three businesses are consolidated in a headquarters and manufacturing
operation located in Ladson, South Carolina, near Charleston. The combined
annual sales in 2011 were $35 million. The three operations employ
approximately 140 people.
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 45
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 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.
Contact: Roy L. Morrow, +1-216-383-4893, Roy_Morrow@lincolnelectric.com
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