Lincoln Electric Acquires Torchmate
by Off-Road Hub Mag | Posted on Friday, August 12th, 2011
New Acquisition Provides a Strong Base of Plasma Cutting Systems and Products
CLEVELAND, July 29, 2011 — 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 our customers,” said John M. Stropki, Chairman and Chief Executive Officer. “Torchmate’s CNC plasma cutting tables provide an economic option to cutting solutions required by many metal fabricators. The Torchmate product offering will enhance existing cutting options for Lincoln Electric’s customers here in North America and around the world.”
“Joining with Lincoln will significantly expand our ability to reach fabricators throughout North America and worldwide,” said Bill A. Kunz, Chief Executive Officer of Torchmate. “Our portfolio of products is perfectly aligned to service the cutting needs of these customers, and I am very excited to join the Lincoln Electric team.”
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