Lincoln Electric completes acquisition of Air Liquide Welding, sees accretion
Lincoln Electric Holdings announces that it has completed the previously announced transaction to acquire Air Liquide Welding, a subsidiary of Air Liquide. Under the terms of the agreement, the purchase price was EURO$115M, pproximately USD$134M, including the assumption of certain debt obligations. The company funded the transaction with available cash on hand.The acquisition is immediately accretive to Lincoln Electric earnings, excluding transaction costs, at approximately 3c of earnings per diluted common share, EPS, per quarter, or 12c annually, in the first year after the acquisition, and approximately 6c EPS per quarter, or 24c annually, in the second year of operation. "We are excited to welcome Air Liquide Welding into the Lincoln Electric family and complete a transaction that provides compelling value for customers, employees and shareholders," stated Christopher L. Mapes, Chairman, President and Chief Executive Officer. "The transaction brings together two talented teams who share the same commitment to welding and cutting innovation and offers customers the industry's most comprehensive portfolio of solutions, technologies and application expertise." Mapes continued, "I am confident that as we integrate the organizations, we will benefit from enhanced technical capabilities, operational efficiencies and scale, which will further advance our '2020 Vision and Strategy' goals to improve profitability and returns."