Petroleum Africa
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Thursday, July 4, 2019
Advances Regional Growth Strategy
Lincoln Electric Holdings, Inc., (the “Company”) (Nasdaq: LECO) announced today it has completed the purchase of the controlling stake of Kaynak Teknigi Sanayi ve Ticaret A.S. (“Askaynak”) to advance Lincoln Electric’s regional growth strategy in Europe, the Middle East and Africa.
“We are pleased to welcome the Askaynak team into Lincoln Electric ,” stated Christopher L. Mapes, Chairman, President and Chief Executive Officer of Lincoln Electric. “Askaynak strengthens our position in the region and as one team; we will serve our customers with innovative solutions, superior service, and deliver operational excellence.”
As previously disclosed, Askaynak is located in Turkey and is the country’s leading supplier and manufacturer of welding consumables, arc welding equipment, including plasma and oxy-fuel cutting equipment, and robotic welding systems. Askaynak generates approximately USD$70 million in annual revenue.
Terms of the transaction were not disclosed.
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