Lincoln Electric acquires remaining 65% interest in Alloy Steel Australia

Lincoln Electric (LECO) announced that it has acquired the remaining 65% interest in Alloy Steel Australia and its related businesses. The company acquired an approximate 35% ownership interest in Alloy Steel on April 1 and following the completion of this transaction, the company fully owns Alloy Steel. Alloy Steel is a privately held manufacturer of maintenance and repair solutions headquartered in Perth, Australia. It supplies proprietary wear plate solutions, engineering services and digital monitoring to the mining sector primarily in the Asia Pacific region to help customers extend asset life and minimize operational downtime. Alloy Steel’s offering complements Lincoln Electric’s current portfolio of maintenance and repair solutions for mining, steel, agricultural, and industrial applications. Alloy Steel’s annual revenue is approximately $50M and their results will be reported in the International Welding Segment. The acquisition is expected to be accretive to company earnings, excluding transaction costs, at approximately 13c to 15c per diluted common share on an annual basis. Terms of the transaction were not disclosed.