CLEVELAND, Ohio, U.S.A., May 11, 2009 -- Lincoln Electric Holdings, Inc. (Nasdaq: LECO) today dedicated a 100,000-square-foot welding consumables facility in Chennai, India, which will serve the growing market in that country and markets throughout the Asia Pacific region.
Speaking at dedication ceremonies in Chennai today, John M. Stropki, Chairman and Chief Executive Officer, said, “The new Chennai plant represents an important investment for Lincoln in the expanding market for welding products in India. Our plant will serve the growing demand from industry and large infrastructure projects that are fueling India’s economic growth.”
The Lincoln Chennai plant will manufacture solid welding wire used for a variety of welding applications in industry segments such as heavy equipment, metal buildings, pipeline and pipe mills, and power generation, which includes the fabrication of wind towers. The new campus consists of offices for the Company’s new Indian Headquarters, training and welding demonstration facilities and manufacturing space.
Lincoln Electric Asia Pacific President Thomas A. Flohn said, "This new facility incorporates state-of-the-art manufacturing and environmental systems and reaffirms our commitment to operational excellence and environmental preservation. It will be a highly productive and efficient plant that will meet the highest level of environmental standards."
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 42 manufacturing locations, including operations and joint ventures in 21 countries and a worldwide network of distributors and sales offices covering more than 160 countries. For more information about Lincoln Electric, its products and services, visit the Company’s website at http://www.lincolnelectric.com.
The 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. Actual results may differ materially from such statements due to a variety of factors that could adversely affect the Company’s operating results. The factors include, but are not limited to: general economic and market conditions; the effectiveness of operating initiatives; currency exchange and interest rates; adverse outcome of pending or potential litigation; possible acquisitions; market risks and price fluctuations related to the purchase of commodities and energy; global regulatory complexity; and the possible effects of international terrorism and hostilities on the Company or its customers, suppliers and the economy in general. For additional discussion, see “Item 1A. Risk Factors” in the Company’s Annual Report on Form 10-K.
(Media) Asia Pacific -- Max Chong (+65) 6854 5360
(Media) U.S.A. -- Roy L. Morrow (216) 383-4893
(Investors) Joseph P. Kelley (216) 383-8346