Lincoln Electric Acquires Over – GuruFocus.com
CLEVELAND, July 28, 2021 (GLOBE NEWSLETTER) — Lincoln Electric Holdings, Inc. (LECO) announced today that the Overstreet-Hughes Company, Inc. (“Manufactured Tube Products”, “FTP”) and Shoals Tubular, Inc. (“Shoals”) has taken over.
FTP and Shoals manufacture copper and aluminum headers, distributors and manifolds in the United States and Mexico for the HVAC industry and have combined annual sales of approximately $50 million. The addition of FTP and Shoals further differentiates The Harris Products Group’s competitive position by serving HVAC OEMs with a comprehensive portfolio of solutions for HVAC coil manufacturing, and the acquisition accelerates their growth in this attractive market.
“We are pleased to welcome FTP and Shoals to Lincoln Electric and integrate their industry-leading offerings and expertise into our Harris Products Group business,” said Christopher L. Mapes, Chairman, President and Chief Executive Officer. “Our combined portfolio now provides HVAC OEMs with the broadest portfolio of solutions and application expertise for high-performance and efficient HVAC coil manufacturing,” Mapes continued, “The acquisition also positions HPG to better capitalize on the attractive HVAC growth opportunities as part of our Higher standard 2025 strategy.”
The terms of the transaction have not been disclosed.
About Lincoln Electric
Lincoln Electric is the world leader in the design, development and manufacture of arc welding products, automated joining, assembly and cutting systems, plasma and oxy-fuel cutting equipment and has a leading global position in brazing and brazing alloys. Headquartered in Cleveland, Ohio, Lincoln has 55 manufacturing sites in 18 countries and a worldwide network of distributors and sales offices in more than 160 countries. For more information about Lincoln Electric and its products and services, visit the company’s website at: https://www.lincolnelectric.com.
The Company’s forward-looking statements and beliefs in this press release are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements reflect management’s current expectations and involve a number of risks and uncertainties. Forward-looking statements can generally be identified by the use of words such as “may,” “will,” “expect,” “intend,” “estimate,” “anticipate,” “believe,” “forecast,” “guidance.” or words of similar meaning. Actual results may differ materially from such statements due to various factors that could adversely affect the Company’s results of operations. The factors include, but are not limited to: general economic and market conditions; the company’s ability to effectively integrate FTP and Shoals and their post-acquisition performance; and market risks and price fluctuations related to the purchase of raw materials and energy. For additional discussion, see “Item 1A. Risk Factors” in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020.