Lincoln Electric Holdings Inc. announced its purchase of Weartech International Inc., a privately held producer of cobalt-based hard facing and wear-resistant welding consumables.
The Anaheim, Calif.-based Weartech has manufacturing plants in Anaheim and the United Kingdom. The company has annual sales of approximately $40 million and employs 140 people combined at both locations.
Terms of the transaction were not disclosed.
“The acquisition of Weartech is a continuation of our ongoing strategy to expand the breadth of our consumable product portfolio to better service our global customer base,” said John M. Stropki, Lincoln Electric chairman and CEO. “Weartech is well positioned globally in the specialized cobalt welding consumable market, selling primarily to the high growth energy and process chemical segments. We expect strong growth in these segments and believe the Weartech product line will help expand and deepen our relationships with key global customers.”
Patrick Iyer, president of Weartech, said the acquisition would be beneficial to distributors.
“Joining with Lincoln will significantly expand our distribution network and our ability to reach these customers worldwide,” he said. “Our management team, with more than 150 years of combined experience, is looking forward to becoming part of Lincoln Electric and continuing to serve our customers around the world.”
Lincoln Electric purchases Weartech International
May 1, 2012