New Acquisition Provides a Strong Base of Plasma Cutting Systems and Products
CLEVELAND, July 29, 2011 /PRNewswire via COMTEX/ -- Lincoln Electric Holdings, Inc. (Nasdaq: LECO) announced today that it has acquired substantially all of the assets of Applied Robotics, Inc., a leading manufacturer of CNC cutting tables and accessories in North America. Applied Robotics, known in the welding industry by its brand name, Torchmate, has headquarters and manufacturing facilities based in Reno, Nevada.
Torchmate (www.torchmate.com) offers a wide selection of CNC plasma and oxyfuel cutting tables and systems to small and medium-sized fabricators. The company's trailing 12 months of sales are approximately $13 million, and Torchmate currently employs 44 people. Terms were not disclosed.
"Metal cutting is closely aligned with arc welding, and the addition of Torchmate will bolster our ability to provide cutting process solutions for