Lincoln Electric Holdings, Inc. has acquired the remaining 65% interest in Alloy Steel Australia (Int) Pty Ltd. and its related businesses (Alloy Steel). The Company acquired an approximate 35% ownership interest in Alloy Steel, 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 USD 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 USD 0.13 to USD 0.15 per diluted common share on an annual basis.