Lincoln Electric Holdings Inc. has completed the purchase of the controlling stake of Kaynak Teknigi Sanayi ve Ticaret A.S. to advance its regional growth strategy in Europe, the Middle East and Africa.
“We are pleased to welcome the Askaynak team into Lincoln Electric,” Lincoln Electric CEO Christopher L. Mapes said in a statement. “Askaynak strengthens our position in the region and as one team; we will serve our customers with innovative solutions, superior service, and deliver operational excellence.”
Askaynak is located in Turkey and is a supplier and manufacturer of welding consumables, arc welding equipment, including plasma and oxy-fuel cutting equipment, and robotic welding systems. Askaynak generates approximately $70 million in annual revenue.