Lincoln Electric Acquires Shape Cutting and Engineered Systems Businesses from ITT
Cleveland, OH - Lincoln Electric Holdings, Inc. announced that it has acquired the Kaliburn, Burny and Cleveland Motion Control (CMC) businesses from ITT Corporation (NYSE: ITT). Kaliburn is a designer and manufacturer of shape cutting solutions. Burny produces shape cutting control systems. CMC manufactures web tension transducers and engineered machine systems.
"Kaliburn and Burny are strong brands in the high precision shape cutting space. Including their UltraSharp cutting technology and well-established, excellent quality products in our portfolio will further strengthen and expand our offerings to our global distributor partners and end-user customers," said John M. Stropki, Chairman and Chief Executive Officer.
Terms of the transaction were not disclosed. All three businesses are consolidated in a headquarters and manufacturing operation located in Ladson, South Carolina, near Charleston. The combined annual sales in 2011 were $35 million. The three operations employ approximately 140 people.
Lincoln Electric is the world leader in the design, development and manufacture of arc welding products, robotic arc welding systems, plasma and oxyfuel cutting equipment and has a leading global position in the brazing and soldering alloys market. Headquartered in Cleveland, Ohio, Lincoln has 45 manufacturing locations, including operations and joint ventures in 20 countries and a worldwide network of distributors and sales offices covering more than 160 countries. For more information about Lincoln Electric and its products and services, visit the Company's website at http://www.lincolnelectric.com.
