Lincoln Electric buys controlling stake in Askaynak
Lincoln Electric Holdings, Inc. has completed the purchase of the controlling stake of Kaynak Teknigi Sanayi ve Ticaret A.S. (“Askaynak”) to advance Lincoln Electric’s regional growth strategy in Europe, the Middle East and Africa.
“We are pleased to welcome the Askaynak team into Lincoln Electric,” says Christopher L. Mapes, chairman, president and chief executive officer of Lincoln Electric. “Askaynak strengthens our position in the region and as one team; we will serve our customers with innovative solutions, superior service, and deliver operational excellence.”
Askaynak is Turkey’s leading supplier and manufacturer of welding consumables and arc welding equipment, including plasma and oxy-fuel cutting equipment, and robotic welding systems. Askaynak generates approximately $70 million in annual revenue. Terms of the transaction not disclosed. lincolnelectric.com.
This story originally appeared in the August 2019 issue of SNIPS magazine.