Lincoln Electric Holdings, Inc. (Cleveland, OH) completed the purchase of the controlling stake of Kaynak Teknigi Sanayi ve Ticaret A.S. (Askaynak; Çayırova, Turkey) to advance their regional growth strategy in Europe, the Middle East and Africa. “We are pleased to welcome the Askaynak team into our company,” stated Christopher L. Mapes, the chairman, president and chief executive officer of Lincoln Electric. “They strengthen our position in the region and as one team; we will serve our customers with innovative systems, superior service, and deliver operational excellence.”
Askaynak is Turkey’s leading supplier and manufacturer of welding consumables, arc welding equipment, including plasma and oxy-fuel cutting equipment, and robotic welding systems. Askaynak generates approximately USD$70 million in annual revenue. Terms of the transaction were not disclosed.
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