LINCOLN ELECTRIC ENTERS INTO EXCLUSIVE NEGOTIATIONS WITH AIR LIQUIDE TO ACQUIRE ITS AIR LIQUIDE WELDING SUBSIDIARY
CLEVELAND, March 02, 2017 – Lincoln Electric Holdings, Inc. (the “Company”) (Nasdaq:LECO) announced today that it has signed a memorandum of understanding (“MOU”) and entered into exclusive negotiations to acquire Air Liquide’s subsidiary, Air Liquide Welding (the “Proposed Acquisition”).
The Proposed Acquisition is subject to a definitive agreement between the parties and customary conditions and provisions for a transaction of this type, including the “information-consultation” process with the employee representative bodies and the applicable competition authorities’ approval. As the parties have not yet reached a definitive agreement regarding the transaction, there can be no assurance that a definitive agreement will be entered into, or that a transaction will be consummated.
J.P. Morgan Securities LLC is acting as the financial advisor and Jones Day is acting as legal advisor to Lincoln Electric.
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 has 47 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.
About Air Liquide Welding
Air Liquide’s subsidiary, Air Liquide Welding, is a key player in the manufacturing of welding and cutting technologies. Air Liquide Welding, which has approximately 2,000 employees across the world, has generated in 2016 a turnover of around €350 million. It offers, through several internationally well-known brands (SAF-FRO and OERLIKON in the industrial field, CEMONT for professionals), a large range of related equipment, consumables and services on the market.
Lincoln Electric’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 that could cause actual events or results to differ materially from those expressed or implied. 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. These risks include our ability to successfully reach agreement on the terms of the Proposed Acquisition of Air Liquide Welding and complete the Proposed Acquisition of Air Liquide Welding, including the receipt of required regulatory approvals and the satisfaction or waiver of other closing conditions. For additional discussion of risk factors, see “Item 1A. Risk Factors” in the Company’s Annual Report on Form 10-K for the year ended December 31, 2016.
06 March 2017
LINCOLN ELECTRIC ENTERS INTO EXCLUSIVE NEGOTIATIONS WITH AIR LIQUIDE
Director, Investor Relations
Tel: +1 (216) 383-2534
Other articles in News Releases:
- Lincoln Electric Hosts 2017 Advanced Motorsports Welding Seminar
- Lincoln Electric® Introduces New Magnum® PRO Aluminum Pistol-Grip, Push-Pull Welding Gun
- Lincoln Electric Announces 2018 Welding Skills and Professional Development Courses
- Lincoln Electric’s New Welding Technology & Training Center to Open in January 2018
- Lincoln Electric Will Showcase Newest Technology, Expertise at FABTECH 2017