Lincoln Electric Acquires Vanair®
Summary
CLEVELAND--(BUSINESS WIRE)--Lincoln Electric Holdings, Inc. (Nasdaq: LECO) announced today that it has acquired Vanair Manufacturing, LLC (“Vanair”), a privately held, Michigan City, Indiana-based, manufacturer of mobile power solutions serving the U.S. service truck market. Vanair is renowned for their leading high-quality manufacturing, innovation, and engineering expertise in the fast-growing maintenance and repair service truck market,” commented Steven B. Hedlund, Lincoln Electric’s President and Chief Executive Officer. “By joining together, Lincoln Electric will capitalize on this channel opportunity to accelerate growth and broaden our technology platform for long-term value creation.” Vanair’s annual revenue is approximately $100 million with a low double-digit percent EBIT margin, and their results will be reported in the Americas Welding Segment. 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. Lincoln is recognized as the Welding Expert™ for its leading materials science, software development, automation engineering, and application expertise, which advance customers’ fabrication capabilities to help them build a better world.