Lincoln Electric Buys Vizient Manufacturing Solutions For Undisclosed Terms
Lincoln Electric Holdings, Inc. (Nasdaq: LECO) disclosed Monday that it purchased Vizient Manufacturing Solutions, which is a privately held robotic integrator specialized in custom engineered tooling and automated arc welding systems for general and heavy fabrication applications.
Vizient, which is headquartered and operates from Bettendorf, Iowa, also has operations in Brazil. Its annual sales were about $40 million.
Commenting on the acquisition, Lincoln Electric Chairman and CEO, Christopher Mapes, said, "We are excited to welcome Vizient into our growing automation portfolio. Their system design capabilities not only complement our current offering, but their focus on quality and customer service aligns with our values at Lincoln Electric. Vizient will also help diversify our end market exposure and broaden growth opportunities globally."
On Friday, shares of the company traded 1.86 percent down.
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