Business
Lincoln Electric Acquires Vanair®
Positions Lincoln Electric as a Leader in Mobile Power Solutions in the Maintenance and Repair Service Truck Market CLEVELAND--(BUSINESS WIRE)-- Lincoln
About this update from Lincoln Electric Holdings, Inc.
[{"type":"text","content":"\nPositions Lincoln Electric as a Leader in Mobile Power Solutions in the Maintenance and Repair Service Truck Market\n\n\n CLEVELAND--(BUSINESS WIRE)--\nLincoln Electric Holdings, Inc. (Nasdaq: LECO) announced today that it has acquired Vanair Manufacturing, LLC (“Vanair”), a privately held, Michigan City, Indiana-based, manufacturer of mobile power solutions serving the U.S. service truck market. Vanair offers the industry’s most comprehensive portfolio of mobile power solutions, including vehicle-mounted compressors, generators, welders, hydraulics, chargers/boosters, and electrified power equipment. Their extensive equipment portfolio complements Lincoln Electric’s maintenance and repair consumable offering and builds upon the joint development equipment initiatives that the two companies have been pursuing.\n\nThis press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20240731202274/en/Vanair, a Lincoln Electric company, delivers comprehensive Mobile Power Solutions for diverse industries. Copyright of Lincoln Electric\n“We are pleased to welcome the Vanair team to Lincoln Electric. Vanair is renowned for their leading high-quality manufacturing, innovation, and engineering expertise in the fast-growing maintenance and repair service truck market,” commented Steven B. Hedlund, Lincoln Electric’s President and Chief Executive Officer. “By joining together, Lincoln Electric will capitalize on this channel opportunity to accelerate growth and broaden our technology platform for long-term value creation.”\n\n\nVanair’s annual revenue is approximately $100 million with a low double-digit percent EBIT margin, and their results will be reported in the Americas Welding Segment.\n\n\nForward Looking Statement\n\n\nThe Company's expectations and beliefs concerning the future contained in this news 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 generally can 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 sta...