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Lincoln Electric Holdings Inc. (NASDAQ: LECO), Cleveland, OH, has agreed to buy Air Liquide Welding, a subsidiary of Paris-based Air Liquide, for €115 million (US$125 million). The companies signed a memorandum of understanding and entered into exclusive negotiations for the deal last month.
Lincoln Electric said the complementary business would enhance its global specialty consumables portfolio and extend its channel reach for equipment systems and Harris Product Group solutions in Europe. The combination would also offer European customers more comprehensive welding and cutting solutions, greater technical application expertise and improved service levels.
Air Liquide said it is focused on its gas and services activities following the acquisition of Airgas, and has been divesting non-core businesses.