Lincoln Electric Holdings Inc. is purchasing an additional 49.6 percent interest in Kaynak Tekniği Sanayi ve Ticaret A.Ş. to advance Lincoln Electric’s regional growth strategy. Lincoln Electric has owned a 50 percent interest in Askaynak since 1998.
The company, known as Askaynak, is Turkey's leading supplier and manufacturer of welding consumables, arc welding equipment (including plasma and oxyfuel cutting equipment) and robotic welding systems. Askaynak generates approximately $70 million in annual revenue.
The closing of the transaction will be subject to the satisfaction or waiver of customary closing conditions and the receipt of regulatory approvals, including antitrust approval in Turkey.