Lincoln Electric CEO hints at more ’08 acquisitions

Industrial Distribution staff -- Industrial Distribution, 2/26/2008 6:28:00 AM

John Stropki, CEO of Lincoln Electric Holdings Inc., said his company may be making several acquisitions this year, with a likely focus on emerging markets.

"We would be optimistic about adding acquisitions this year," Stropki said at the Reuters Manufacturing Summit in Chicago.

Stropki said the Cleveland-based Lincoln is looking at a "queue of potential acquisitions" in Eastern Europe, Russia and throughout Asia, in particular in China and India. The company recently began construction on its first plant in India. 

Stropki said he expects the oil and natural gas industries to be a source of growth, especially in Russia. Shipbuilding will also stay steady into 2010, he added.

The CEO added he was also mildly optimistic the United States economy would not go completely recession this year.

Stropki admitted Lincoln’s automotive and construction businesses are "not doing so well" in America, but added they make up a relatively small share of their overall sales.

He said he does not expect a complete economic slowdown in the U.S., and sees the U.S. economy as being stronger in the second half of the year.

"Clearly the first half of the year is going to be slow, [but] I don't think we will have a recession in the first half of the year,” he said. “I think it will be slow growth [but] I think there are just too many strong fundamentals."

More from the Reuters Manufacturing Summit: 

Grainger COO: February sales slow; meeting with Feds likely 

Emerging markets are focus of Reuters Manufacturing Summit 

ITW CEO: Sales from acquisitions could top $1.2 billion this year