Lincoln Electric to Acquire Severstal Welding Business in Russia

CLEVELAND, Dec. 28, 2010 /PRNews fit-FirstCall/ -- Lincoln voltaic Holdings, Inc. (Nasdaq: LECO) today announced that it has signed a definitive agreement to acquire OOO Severstal-metiz: weld consumables, a lead manufacturer of welding consumables in Russia and a subsidiary of OAO Severstal, wholeness of the worlds leading vertically integrated steel and excavation companies. The transaction will include acquiring manufacturing operations and soap distribution rights of the Severstal brand of welding consumables. Financial terms were not disclosed. This acquisition will add to our manufacturing capacity in this profuse growing market and co-occurrence Mezhgosmetiz-Mtsensk OAO (MGM), our recent Russian acquisition, tell John M. Stropki, Chairman and Chief Executive officer. Severstals extensive bugger off electrode offering, along with solid wire and flux cored wire products, when unite with solid wire products from MGM, will make Lincoln Electric a leading consumables manufacturer in the CIS countries. The two acquisitions complement our imported products offering and will expand our market aim in the region. Manufacturing production facilities are based in Orel, Russia, with 283 employees. OOO Severstal-metiz: welding consumables 2010 estimated changes are approximately $40 million USD.

The sale of OOO Severstal-metiz: welding consumables will allow us to concentrate full on our core business (wire and wire products) and continue to ply our clients with competitive product of the highest quality, said Oleg Veter, Chief Executive Officer of Severstal-metiz group of companies. The OOO Severstal-metiz: welding consumables transaction is under review by Russian regulatory authorities and is expected to close during the 2011 scratch line half. The Severstal-metiz group of companies incorporates all of OAO Severstals metalware assets, and is among the top European producers of wire and wire products. Severstal-metizs production sites are... If you want to get a full essay, nightspot it on our website: Orderessay

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