Lincoln Electric Announces New Share Repurchase Program And Declares Quarterly
CLEVELAND, July 26, 2013
CLEVELAND, July 26, 2013 /PRNewswire/ --Lincoln Electric Holdings, Inc.,
("Company," "Lincoln Electric") (Nasdaq: LECO) today announced that its Board
of Directors has approved a new share repurchase program authorizing the
Company to repurchase in the aggregate up to 15 million of its outstanding
The new program is in addition to the previous 30 million share program that
has approximately 2.1 million shares remaining following the repurchase of
approximately 1.2 million shares year-to-date through June 30, 2013. The
total shares now authorized for repurchase represents approximately 20% of the
83.6 million diluted weighted average shares outstanding as of June 30, 2013.
Under the authorized program, Lincoln Electric may repurchase shares on the
open market or through privately negotiated transactions from time to time,
depending on market conditions and subject to other factors.
"Lincoln Electric's strong cash flow has allowed us to invest in our business
and growth strategies, and return cash to shareholders through dividends and
share repurchases. Since 2003, we have returned approximately $775 million in
cash to shareholders through dividends and share buybacks and have increased
our dividend annually over that period. We believe that this new program
gives us the flexibility to accelerate the return of cash to shareholders and
reflects our confidence in achieving our longer-term '2020 Vision'," said
Christopher L. Mapes, President and Chief Executive Officer.
Additionally, the board declared a quarterly cash dividend of $0.20 per share,
payable October 15, 2013, to holders of record as of September 30, 2013.
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 19
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.
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 operating initiatives; applicable insurance;
and the possible effects of events beyond our control, such as political
unrest, acts of terror and natural disasters, on the Company or its customers,
suppliers and the economy in general. For additional discussion, see "Item
1A. Risk Factors" in the Company's Annual Report on Form10-K.
SOURCE Lincoln Electric Holdings, Inc.
Contact: Amanda Butler, Director, Investor Relations, Tel: 216.383.2534,
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