Lincoln Electric Holdings, Inc. signed a definitive agreement to acquire OOO Severstal-metiz: welding consumables, a manufacturer of welding consumables in Russia and a subsidiary of OAO Severstal. The transaction includes acquiring manufacturing operations and exclusive distribution rights of the Severstal brand of welding consumables. This acquisition will add to Lincoln Electric’s manufacturing capacity in Russia. The company also acquired Russia’s Mezhgosmetiz-Mtsensk OAO (MGM) in November 2010.
Severstal's extensive stick electrode offering, along with solid-wire and flux-cored wire products, when combined with solid wire products from MGM, will make Lincoln Electric a leading consumables manufacturer in the CIS countries. OOO Severstal-metiz: welding consumables’ manufacturing production facilities are based in Orel, Russia, with 283 employees. Cleveland, Ohio-based Lincoln Electric is a world leader in the design, development and manufacture of arc-welding products, robotic arc-welding systems, plasma and oxyfuel cutting equipment and has a global position in the brazing and soldering alloys market.
Lincoln Electric to Acquire Severstal Welding Business
January 3, 2011