LINCOLN ELECTRIC HOLDINGS INC acquired Kaynak Teknigi Sanayi ve Ticaret A.S. (Askaynak) - controlling stake for Not disclosed, a transaction completed in July 2019.
Kaynak Teknigi Sanayi ve Ticaret A.S. (Askaynak) - controlling stake operates in International Welding (EMEA), is based in Turkey (EMEA), had revenue of about approximately USD$70 million annual revenue. Askaynak (Kaynak Teknigi Sanayi ve Ticaret A.S.), located in Turkey, is the country's leading supplier and manufacturer of welding consumables, arc welding equipment (including plasma and oxy-fuel cutting equipment) and robotic welding systems, generating approximately USD$70 million in annual revenue. Lincoln completed the purchase of the controlling stake.
The acquisition advances Lincoln Electric's regional growth strategy in Europe, the Middle East and Africa and strengthens its position in the region.
Market-leading Turkish welding franchise advancing EMEA regional growth. International Welding (EMEA)
We are pleased to welcome the Askaynak team into 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.Christopher L. Mapes, Chairman, President and CEO, Lincoln Electric
Advisory firms were not disclosed for this transaction.