Lincoln Electric – LECO – Acquires Businesses from ITT Corporation – ITT
Lincoln Electric Holdings, Inc. (Nasdaq: LECO) announced that it has acquired the Kaliburn, Burny and Cleveland Motion Control (CMC) businesses from ITT Corporation (NYSE: ITT). Kaliburn is a designer and manufacturer of shape cutting solutions. Burny produces shape cutting control systems. CMC manufactures web tension transducers and engineered machine systems.
“Kaliburn and Burny are strong brands in the high precision shape cutting space. Including their UltraSharp cutting technology and well-established, excellent quality products in our portfolio will further strengthen and expand our offerings to our global distributor partners and end-user customers,” said John M. Stropki, Chairman and Chief Executive Officer.
Terms of the transaction were not disclosed.
All three businesses are consolidated in a headquarters and manufacturing operation located in Ladson, South Carolina, near Charleston. The combined annual sales in 2011 were $35 million. The three operations employ approximately 140 people.
About Lincoln Electric – LECO
Lincoln Electric (LECO) is the world leader in the design, development and manufacture of arc welding products, robotic arc welding systems, plasma and oxyfuel cutting equipment and has a leading global position in the brazing and soldering alloys market. Headquartered in Cleveland, Ohio, Lincoln has 45 manufacturing locations, including operations and joint ventures in 20 countries and a worldwide network of distributors and sales offices covering more than 160 countries.
LECO is a manufacturer of welding, cutting and brazing products. Welding products include arc welding power sources, wire feeding systems, robotic welding packages, fume extraction equipment, consumable electrodes and fluxes. LECO’s product offering also includes computer numeric controlled (CNC) plasma and oxy-fuel cutting systems and regulators and torches used in oxy-fuel welding, cutting and brazing.
About ITT Corporation – ITT
ITT Corporation (ITT) is a diversified manufacturer of engineered critical components and customized solutions for growing industrial end-markets, such as energy infrastructure, electronics, aerospace and transportation. ITT product and service offerings are organized in four operating segments: Industrial Process, Motion Technologies, Interconnect Solutions (ICS), and Control Technologies.
The Company manufactures key components that are integral to the operation of systems and manufacturing processes in the electronics, energy and mining, transportation, aerospace, and industrial markets. On October 27, 2011, ITT acquired Blakers Pump Engineers (Blakers). In September 2011, it acquired YSI Incorporated. On October 31, 2011, the Company spin offs of its Defense and Information Solutions business and its Water Technology and Services business. In November 2012, the Company sold its shape cutting product lines, including the Burny and Kaliburn brands, to Lincoln Electric Holdings, Inc.
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Post Written By: Ed Liston
Ed Liston is a senior contributing editor at TheStockMarketWatch.com. An active market watcher and investor, Ed guides an independent team of experienced analysts and writes for multiple stock trader publications. He is widely quoted in various financial publications on the Internet. When Ed is not writing about stocks, investing in stocks, talking about stocks, or otherwise doing something stock related, he likes to go sailing and fishing in his yacht.
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