February 10, 2012
The Plain Dealer has reported that Lincoln Electric Co. will spend $40 million to renovate its facility in Euclid, Ohio, add 200 jobs over three years, and bring a company to Euclid from Baltimore.
Euclid, Cuyahoga County and the state will assist Lincoln with a package of tax credits, loans, and cash payments — if the company retains the new jobs along with its current work force for 18 years.
Lincoln already employees about 2,200 people in Northeast Ohio, with its headquarters, research and development labs and large manufacturing plant in Euclid, and a second factory in Mentor. The company operates 42 factories, including plants in 18 other nations, and employs more than 10,000.
In the new plant expansion, Lincoln plans to renovate part of its Euclid works to absorb and expand the Techalloy Co., a 50-employee business it bought for $37.9 million in summer 2010.
Techalloy manufactures nickel-based alloy welding materials, which are in high demand by the gas and oil industry, particularly in deep-sea operations.