Lincoln Electric to acquire Russian welding consumables manufacturer
Lincoln Electric Holdings Inc. has announced that it has signed a definitive agreement to acquire Mezhgosmetiz-Mtsensk OAO ("MGM"), a privately-held welding wire manufacturer based in the Orel region of Russia. The acquisition will provide Lincoln its first manufacturing operation in Russia as well as established distribution channels to serve the growing Russian and Commonwealth of Independent States (CIS) welding markets. Terms were not disclosed. The acquisition has been approved by the Russian Federation regulatory agencies and is expected to close October 29, 2010.
MGM has annual sales of approximately $30 million and employs more than 200 people.