LINCOLN ELECTRIC HOLDINGS INC acquired J.W. Harris Co., Inc. (with Autobraze Inc. and Harris-Euro Corp.) for approximately $85 million net aggregate purchase price ($70 million in cash plus $15 million of assumed debt), a transaction completed in April 2005, structured as all cash (plus assumed debt).
J.W. Harris Co., Inc. (with Autobraze Inc. and Harris-Euro Corp.) operates in The Harris Products Group (brazing and soldering), is based in Mason, Ohio, USA (plants in Ohio and Rhode Island; distribution center in Spain), had revenue of about approximately $100 million annual sales. 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.
The acquisition provides Lincoln with a strong complementary metals-joining technology and a leading market position in the brazing and soldering alloys market; expected to contribute $0.03 to $0.05 to earnings per share in the first full year.
Leading brazing and soldering alloys position and complementary metals-joining technology; became the foundation of the Harris Products Group. Expected to contribute $0.03 to $0.05 to EPS in the first full year of operation. The Harris Products Group
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
Advisory firms were not disclosed for this transaction.