Lincoln Electric to acquire Hyundai Welding Ltd.
October 28, 2002
Lincoln said that the acquisition, without considering any synergies, is expected to
be accretive to its earnings per share in the first year. The closing is expected during the 2002 fourth quarter.
Anthony
A. Massaro, Lincoln Electric's chairman and CEO, said: "I am very excited about this opportunity to increase our footprint
in Asia. The acquisition of Hyundai Welding will further strengthen our already strong market position in the very important
and growing Asian market and will further ...
Lincoln said that the acquisition, without considering any synergies, is expected to
be accretive to its earnings per share in the first year. The closing is expected during the 2002 fourth quarter.
Anthony
A. Massaro, Lincoln Electric's chairman and CEO, said: "I am very excited about this opportunity to increase our footprint
in Asia. The acquisition of Hyundai Welding will further strengthen our already strong market position in the very important
and growing Asian market and will further increase shareholder value. Chairman M. S. Chung, of Hyundai Welding, has built
the company into the leading consumables producer in Korea and has established a solid market position in other countries
in the region. The company has product approvals from all of the world's major technical and quality agencies and focuses
on high value-added welding products. We are pleased to bring this firm into the Lincoln family. Hyundai fully shares the
Lincoln dedication to customer value, high quality product and superior technology."
Headquartered in Seoul, South Korea,
Hyundai Welding Ltd. was founded in 1975 and has approximately 590 employees. It has its manufacturing facilities in Pohang,
South Korea, plus various sales and service subsidiaries throughout Asia. Sales in 2002 are expected to be approximately $130
million.
The addition of Hyundai Welding to Lincoln Electric is in accordance with the company's global growth plan.
During the year, Lincoln has also acquired welding products companies in Latin America and Eastern Europe as part of its global
strategy to establish a manufacturing presence in all growth markets.
"Asia Pacific represents the largest potential
market for our welding products," said Michael Gillespie, President of Lincoln Electric Asia. "With our consumables and equipment
manufacturing platform strategically positioned throughout the region, we are able to better serve our distributors and end-
user customers."
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. The Company is headquartered in Cleveland, Ohio. With the
addition of Hyundai Welding, Lincoln will have operations, manufacturing alliances and joint ventures in 20 countries and
a worldwide network of distributors and sales offices covering more than 160 countries.
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