LINCOLN ELECTRIC ENTERS RUSSIAN MANUFACTURING MARKET WITH ACQUISITION
The welding OEM plans to acquire $30 million Mezhgosmetiz-Mtsensk OAO (MGM), a privately held welding wire manufacturer based in the Orel region of Russia.
Posted: November 9, 2010
Lincoln Electric Holdings, Inc. (Cleveland, OH) 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.
MGM has annual sales of approximately $30 million and employs over 200 people. "Lincoln already has solid brand recognition and market presence in Russia through imports of our high technology welding products for the energy and infrastructure segments," said John M. Stropki, chairman and chief executive officer. "MGM, with its broad line of premium quality solid wire and stick electrode product offerings, combined with an extensive distribution network, will complement our imported products offering and significantly expand our commercial presence in the region.
"We have been impressed with the professionalism and skill of the company's people, as well as its strong R&D capability, and we believe MGM will be an excellent contributor to Lincoln's strategic growth."
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