LINCOLN ELECTRIC acquisition history

Fori Automation, founded in 1984 and headquartered in Shelby Township, Michigan, is a leading designer and manufacturer of complex, multi-armed automated welding systems, automated assembly systems, automated material handling solutions, large-scale industrial automated guided vehicles (AGVs) and end-of-line testing systems, primarily serving automotive and aerospace OEMs, with operations in six international facilities across Europe, Latin America and Asia. $427 million cash purchase price (subject to working-capital adjustment); funded a $400 million senior secured term loan to partially fund the deal.

This transaction represents an exciting growth opportunity for both organizations by bringing together best-in-class automation platforms and engineering expertise to drive value for all of our stakeholders and accelerate our automation growth and resources to advance our Higher Standard 2025 strategy.Christopher L. Mapes — Chairman, President and CEO, Lincoln Electric

We are excited to welcome Fori into Lincoln Electric and expand our leading portfolio of automation solutions and engineering expertise to advance customers' productivity needs. The transaction brings together two innovative organizations who are guided by similar values and follow a 'customer-first' approach.Christopher L. Mapes — Chairman, President and CEO, Lincoln Electric (closing release)

Overstreet-Hughes Company (Fabricated Tube Products, 'FTP') and Shoals Tubular manufacture copper and aluminum headers, distributor assemblies and manifolds in the United States and Mexico for the HVAC sector, with combined annual sales of approximately $50 million. Not disclosed (combined annual sales ~$50 million).

We are excited to welcome FTP and Shoals to Lincoln Electric and integrate their industry-leading offering and expertise into our Harris Products Group business. Our combined portfolio now offers HVAC OEMs with the broadest portfolio of solutions and application expertise for high-quality and efficient HVAC coil fabrication.Christopher L. Mapes — Chairman, President and CEO, Lincoln Electric

Lincoln acquired the soldering business of Worthington Industries, Inc. (NYSE: WOR) and, under a separate purchase agreement, certain brazing assets from Worthington. The acquired assets generate approximately $25 million in annual revenue and add premium solders and fluxes to the Harris Products Group portfolio. Not disclosed (annual revenue of acquired assets ~$25 million).

The addition of these consumables creates the broadest soldering and brazing portfolio in the industry. This acquisition will allow us to better serve our customers, accelerate growth in the retail channel and richen the mix of our Harris business.Christopher L. Mapes — Chairman, President and CEO, Lincoln Electric

Coldwater Machine Company is a privately held Ohio-based flexible automation integrator and precision machining and assembly manufacturer using joining technologies such as laser and friction welding; Pro Systems is a privately held Indiana-based automation systems designer and integrator serving automotive, industrial, electrical and medical applications. Combined annual revenue is approximately $55 million. Not disclosed (combined annual revenue ~$55 million).

We are pleased to welcome the Coldwater and Pro Systems teams into our growing automation portfolio. Their expertise and experience accelerates our automation strategy and expands our presence in attractive aerospace and appliance end market applications.Christopher L. Mapes — Chairman, President and CEO, Lincoln Electric

Air Liquide Welding (ALW), a subsidiary of Air Liquide, is an established leader in welding and cutting solutions in Europe, including its European and Canadian welding and gas valve businesses, with approximately 2,000 employees across six European countries and Canada, 13 manufacturing facilities, over 15,000 customers worldwide and FY2016 net sales of approximately EUR 367 million (USD$405 million). Its product mix was roughly 62% consumables (filler metals) and 38% equipment. EUR 115 million (approximately USD$134 million), including assumption of certain debt; approximately 7x EBITDA.

We are excited to welcome Air Liquide Welding into the Lincoln Electric family and complete a transaction that provides compelling value for customers, employees and shareholders. The transaction brings together two talented teams who share the same commitment to welding and cutting innovation and offers customers the industry's most comprehensive portfolio of solutions, technologies and application expertise.Christopher L. Mapes — Chairman, President and CEO, Lincoln Electric

Vizient Manufacturing Solutions is a privately held robotic integrator specialized in custom engineered tooling and automated arc welding systems for general and heavy fabrication applications, headquartered and operating in Bettendorf, Iowa with operations in Brazil; annual sales are approximately $40 million. Not disclosed (annual sales ~$40 million).

We are excited to welcome Vizient into our growing automation portfolio. Their system design capabilities not only complement our current offering, but their focus on quality and customer service aligns with our values at Lincoln Electric. Vizient will also help diversify our end market exposure and broaden growth opportunities globally.Christopher L. Mapes — Chairman, President and CEO, Lincoln Electric

Rimrock Holdings Corporation is a privately held manufacturer and integrator of industrial automation products and robotic systems with two divisions: Wolf Robotics LLC (robotic welding and cutting systems for heavy fabrication and transportation OEMs) and Rimrock Corporation (automated spray systems and turnkey robotic systems for die casting, foundry and forging). Headquartered in Columbus, Ohio with operations in Columbus and Fort Collins, Colorado; annual sales approximately $40 million. Not disclosed (annual sales ~$40 million).

Our investment in Wolf Robotics extends our leadership position in automated welding and cutting. We are excited to combine their expertise and capabilities as a leading automation integrator in the North American heavy fabrication sector with our existing portfolio to better serve customers and accelerate growth.Christopher L. Mapes — Chairman, President and CEO, Lincoln Electric

Easom Automation Systems is a privately held integrator and manufacturer of automation and positioning solutions, serving heavy fabrication, aerospace and automotive OEMs and suppliers, with headquarters and operations in Detroit, Michigan and annual sales of approximately $30 million. Not disclosed (annual sales ~$30 million).

Our investment in Easom advances our leadership position in automated welding and cutting. Easom is a strong partner for us as our complementary strengths create a compelling offering for our customers and accelerates our market presence in attractive applications.Christopher L. Mapes — Chairman and CEO, Lincoln Electric

We are excited about joining Lincoln Electric as they share our commitment to help customers achieve superior operational efficiency and improve profitability through automated solutions.Reg Kelley — President, Easom Automation Systems

Lincoln acquired the Kaliburn, Burny and Cleveland Motion Control (CMC) businesses from ITT Corporation. Kaliburn designs and manufactures shape cutting solutions (including UltraSharp cutting technology); Burny produces shape cutting control systems; CMC manufactures web tension transducers and engineered machine systems. All three are consolidated in Ladson, South Carolina, employing about 140 people, with combined 2011 sales of $35 million. Not disclosed (combined 2011 annual sales ~$35 million).

Kaliburn and Burny are strong brands in the high precision shape cutting space. Including their UltraSharp cutting technology and well-established, excellent quality products in our portfolio will further strengthen and expand our offerings to our global distributor partners and end-user customers.John M. Stropki — Chairman and CEO, Lincoln Electric

Wayne Trail Technologies is a privately held Ohio-based manufacturer of flexible, automated systems and tooling, serving a wide range of metal forming, fabricating and joining applications, with headquarters and manufacturing in Ft. Loramie, Ohio, annual sales of approximately $50 million and 162 employees. Not disclosed (annual sales ~$50 million).

The addition of Wayne Trail Technologies strengthens our already strong position as a market leader in welding automation in North America. Wayne Trail brings extensive design and system building experience, and we are particularly excited about the company's proven capabilities and continued commercial success in the area of laser welding systems.John M. Stropki — Chairman and CEO, Lincoln Electric

We look forward to expanding our ability to serve customers in the U.S. and international markets as part of Lincoln's broad portfolio of welding and automated solutions for its global customer base.David M. Knapke — President and CEO, Wayne Trail Technologies

Weartech International is a privately held producer of cobalt-based hard facing and wear-resistant welding consumables, headquartered in Anaheim, California with manufacturing plants in Anaheim and Port Talbot, Wales; annual sales approximately $40 million and 140 employees combined. Not disclosed (annual sales ~$40 million).

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. Weartech is well positioned globally in the specialized cobalt welding consumable market, selling primarily to the high growth energy and process chemical segments.John M. Stropki — Chairman and CEO, Lincoln Electric

Joining with Lincoln will significantly expand our distribution network and our ability to reach these customers worldwide.Patrick Iyer — President, Weartech

Arc Products (SSCO Manufacturing, Inc.) is a privately held manufacturer of orbital welding systems and welding automation components based in Southern California (San Diego), with annual sales of approximately $5 million and over 40 employees. Orbital welding systems automatically weld pipe and tube in difficult-to-access locations for mission-critical, high-integrity applications. Not disclosed (annual sales ~$5 million).

Orbital welding is one of the fastest growing segments of our industry. Arc Products has a robust and cost effective line of orbital welding products that, combined with Lincoln's advanced welding power sources and applications engineering expertise, will allow us to quickly build a global leadership position in this important segment.John M. Stropki — Chairman and CEO, Lincoln Electric

Joining with Lincoln will enable us to service and support end-users on a global basis, and will further accelerate our rapid growth in orbital welding systems.Victor Miller — President, Arc Products

OOO Severstal-metiz: welding consumables is a leading manufacturer of welding consumables in Russia and a subsidiary of OAO Severstal, with production facilities in Orel, Russia and 283 employees; 2010 estimated sales approximately $40 million USD. The transaction included manufacturing operations and exclusive distribution rights of the Severstal brand of welding consumables. Not disclosed (2010 estimated sales ~$40 million USD).

This acquisition will add to our manufacturing capacity in this fast growing market and complement Mezhgosmetiz-Mtsensk OAO ('MGM'), our recent Russian acquisition. Severstal's extensive stick electrode offering, along with solid wire and flux cored wire products, when combined with solid wire products from MGM, will make Lincoln Electric a leading consumables manufacturer in the CIS countries.John M. Stropki — Chairman and CEO, Lincoln Electric

The sale of OOO Severstal-metiz: welding consumables will allow us to concentrate fully on our core business (wire and wire products) and continue to provide our clients with competitive product of the highest quality.Oleg Veter — CEO, Severstal-metiz group

Mezhgosmetiz-Mtsensk OAO ('MGM') is a privately held welding wire manufacturer based in the Orel region of Russia, with annual sales of approximately $30 million and over 200 employees. The deal provided Lincoln its first manufacturing operation in Russia plus established distribution channels for the Russian and CIS welding markets. Not disclosed (annual sales ~$30 million).

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. 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.John M. Stropki — Chairman and CEO, Lincoln Electric

Jinzhou Jin Tai Welding and Metal Co., Ltd. ('Jin Tai') is a welding wire business in Jinzhou, China. Lincoln Asia Pacific had owned 48% and acquired 100% control by acquiring the remaining 52% (previously held by Taiwan-based Kuang Tai Metal Industrial Co. and other partners). Jin Tai's annualized first-half 2009 sales were approximately $130 million. Exchange of Lincoln's 35% interest in Kuang Tai Metal Industrial Co. plus cash of approximately $39 million and assumption of net debt of approximately $10 million.

We are pleased to announce the acquisition of Jin Tai, which starts a new phase in the development of our business in China. Jin Tai will greatly expand our customer base, bring experienced industry management talent into our Asian organization and add significant cost-competitive MIG wire manufacturing capacity.John M. Stropki — Chairman and CEO, Lincoln Electric

Brastak is a leading Brazilian manufacturer of brazing products, based in Sao Paulo, with annual sales of approximately $30 million. Founded by the Takemoto family in 1973, it is ISO 9001/2000 certified and was a pioneer in ISO 14001 certification within the Brazilian brazing alloys industry. Lincoln acquired a 90% interest. Not disclosed (annual sales ~$30 million).

The Brastak acquisition represents the expansion of our brazing product line as well as our continued expansion into developing international markets. The Brastak business, previously owned and operated by the Takemoto family, will strengthen our presence in the Brazilian market and provide a platform for servicing the South American region with high quality brazing products.John M. Stropki — Chairman and CEO, Lincoln Electric

Electro-Arco, S.A. is a privately held manufacturer of welding consumables based near Lisbon, Portugal. Founded over 70 years ago and continuously owned and operated by the Rodrigues family, it holds a leading position in the Portuguese welding market and is a significant exporter throughout Europe, with sales of approximately $40 million USD and 165 employees. Not disclosed (annual sales ~$40 million USD).

This acquisition significantly expands our European consumables manufacturing capacity and widens our commercial presence in western Europe.John M. Stropki — Chairman and CEO, Lincoln Electric

Vernon Tool Company, founded in 1930 and based in San Diego, California, is a privately held manufacturer of computer-controlled pipe cutting equipment used for precision fabrication, providing solutions to difficult pipe fabrication and process flow issues in industrial construction and heavy fabrication for infrastructure and energy segments; annual sales approximately $9 million. Not disclosed (annual sales ~$9 million).

Vernon Tool is a solid company, and we are pleased that its experienced management team will be joining Lincoln as we add the company's product line to Lincoln's product offering and global sales network. This acquisition adds to Lincoln's ability to support its customers in the growing market for infrastructure development.John M. Stropki — Chairman and CEO, Lincoln Electric

Nanjing Kuang Tai Welding Material Co., Ltd. is a manufacturer of stick electrode products based in Nanjing, China, with annual sales of approximately $10 million USD. Lincoln previously owned 35% indirectly through its investment in Kuang Tai Metal Industrial Co. Ltd., the seller in the transaction. Not disclosed (annual sales ~$10 million USD).

We are pleased to add the Nanjing product line and strong personnel team to Lincoln's product offering and distribution network in China. This acquisition complements Lincoln's existing portfolio of stick electrode products manufactured in Lincoln Electric Inner Mongolia.John M. Stropki — Chairman and CEO, Lincoln Electric

Metrode Products Limited is a privately held manufacturer of specialty welding consumables focused on the process and power generation industries, headquartered near London, England, with annual sales of approximately USD 24 million. Not disclosed (annual sales ~USD 24 million).

We are very pleased to add the Metrode product line and strong personnel team to Lincoln's global product offerings and distribution network. This acquisition provides Lincoln with high quality, innovative solutions for many specialty high-end applications including the rapidly growing power generation and petrochemical industries.John M. Stropki — Chairman and CEO, Lincoln Electric

J.W. Harris Co., Inc. (acquired together with Autobraze Inc. and Harris-Euro Corp.) is a privately held brazing and soldering alloys manufacturer headquartered in Mason, Ohio, with 335 employees, manufacturing plants in Ohio and Rhode Island and an international distribution center in Spain; annual sales approximately $100 million. approximately $85 million net aggregate purchase price ($70 million in cash plus $15 million of assumed debt).

We are pleased to add the J.W. Harris line to Lincoln's global product offerings and distribution. This acquisition provides Lincoln with both a strong complementary metals-joining technology and a leading market position in the brazing and soldering alloys market.John M. Stropki — Chairman and CEO, Lincoln Electric