Lincoln Electric Enters Into Exclusive Negotiations With Air Liquide to Acquire Its Air Liquide Welding Subsidiary
March 02 2017 - 3:05PM
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.
Forward-Looking Statements
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.
Contacts
Investors
Amanda Butler
Director, Investor Relations
Tel: +1 (216) 383-2534
Email: Amanda_Butler@lincolnelectric.com
Global Media
FTI Consulting
Adam Cubbage
Tel: +1 (212) 850-5773
Email: Adam.Cubbage@fticonsulting.com
European Media
FTI Consulting
Astrid Villette
Phone: +33 (0)6 74 91 48 05
Email: Astrid.Villette@fticonsulting.com
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