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ITT Corp. (NYSE: ITT), White Plains, NY, has sold its shape-cutting product lines to Lincoln Electric Holdings, Inc. (Nasdaq: LECO), Cleveland, OH. The lines sold generated sales of $35 million in 2011. Terms were not disclosed.
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Lincoln, the buyer, is a global manufacturer of welding, cutting and joining products. Their purchase includes brands Burny and Kaliburn well as the Cleveland Motion Controls brand’s web tension control products. The brands were previously part of ITT’s Control Technologies segment, located primarily in Ladson, SC.
Munish Nanda, president of ITT’s Control Technologies business, said, “As part of ITT’s overall strategic portfolio shaping effort, we determined that while these product lines are well-positioned within their markets, they were not aligned with the future focus of the Control Technologies business on aerospace, energy absorption and precision motion control applications.”