SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): January 2, 2019
LINCOLN ELECTRIC HOLDINGS, INC.
(Exact name of registrant as specified in its charter)
(State or other jurisdiction
22801 St Clair Avenue
Cleveland, Ohio 44117
(Address of principal executive offices, with zip code)
(Registrants telephone number, including area code)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
|Item 8.01.|| |
On January 2, 2019, Lincoln Electric Holdings, Inc. (the Company) issued a press release announcing that it acquired the soldering business of Worthington Industries, Inc. (Worthington), a leading global diversified metals manufacturing company. In addition, the parties have entered into a purchase agreement for the Company to acquire certain brazing assets from Worthington. The anticipated closing of the acquisition of the brazing assets is February 1, 2019, subject to customary closing conditions.
A copy of the press release issued by the Company on January 2, 2019, is attached hereto as Exhibit 99.1. The press release is also available on the Companys website at www.lincolnelectric.com.
|Item 9.01.|| |
Financial Statements and Exhibits.
|99.1||Press Release dated January 2, 2019 announcing the Companys acquisition of Worthingtons soldering business.|
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
|LINCOLN ELECTRIC HOLDINGS, INC.|
|Date: January 2, 2019||By:||/s/ Jennifer I. Ansberry|
|Jennifer I. Ansberry, Executive Vice President, General Counsel & Secretary|
L I N C O L N E L E C T R I C H O L D I N G S , I N C .
22801 Saint Clair Avenue Cleveland, Ohio 44117 U.S.A.
N E W S R E L E A S E
LINCOLN ELECTRIC ACQUIRES SOLDERING BUSINESS FROM
CLEVELAND, Wednesday, January 2, 2019 Lincoln Electric Holdings, Inc. (the Company) (Nasdaq: LECO) today announced it acquired the soldering business of Worthington Industries, Inc. (NYSE: WOR), a leading global diversified metals manufacturing company. The acquisition broadens Harris® Products Groups portfolio of industry-leading consumables with the addition of premium solders and fluxes. In addition, the parties have entered into a purchase agreement for Lincoln Electric to acquire certain brazing assets from Worthington. The anticipated closing of the acquisition of the brazing assets is February 1, 2019, subject to customary closing conditions.
The addition of these consumables creates the broadest soldering and brazing portfolio in the industry, said Christopher L. Mapes, Chairman, President and Chief Executive Officer. This acquisition will allow us to better serve our customers, accelerate growth in the retail channel and richen the mix of our Harris business.
The annual revenue generated by the assets being acquired through both transactions is approximately $25 million. Terms of the transactions were not disclosed.
The Companys expectations and beliefs concerning the future contained in this news release are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements reflect managements current expectations and involve a number of risks and uncertainties. Forward-looking statements generally can be identified by the use of words such as may, will, expect, intend, estimate, anticipate, believe, forecast, guidance or words of similar meaning. Actual results may differ materially from such statements due to a variety of factors that could adversely affect the Companys operating results. The factors include, but are not limited to: general economic and market conditions; the effectiveness of post-acquisition integration efforts; and market risks and price fluctuations related to the purchase of commodities. For additional discussion, see Item 1A. Risk Factors in the Companys Annual Report on Form 10-K.
About Lincoln Electric
Lincoln Electric 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 Electric has 56 manufacturing locations, including operations and joint ventures in 20 countries and a worldwide network of distributors and sales offices covering more than 160 countries. For more information about Lincoln Electric and its products and services, visit the Companys website at www.lincolnelectric.com.
Vice President, Investor Relations & Communications