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Lincoln Electric Acquires Fori Automation For $427M

Lincoln Electric Holdings Inc (NASDAQ:LECO) has signed a definitive agreement to acquire Fori Automation Inc. The definitive agreement provides for a…
byShivani Kumaresan
October 14, 2022
1 minute read
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  • Lincoln Electric Holdings Inc (NASDAQ:LECO) has signed a definitive agreement to acquire Fori Automation Inc.
  • The definitive agreement provides for a cash purchase price of $427 million and is expected to be completed in the fourth-quarter of FY22.
  • Fori Automation is a privately held automation engineering firm that serves automotive and aerospace OEMs and is headquartered in Shelby Township, Michigan.
  • It has additional operations in six international facilities across Europe, Latin America and Asia.
  • The acquisition is expected to accelerate Lincoln’s Higher Standard 2025 strategic goal of achieving $1 billion in automation sales by 2025.
  • The deal would also extend Lincoln’s automation footprint in South Korea and India and expand its existing presence in Europe, China, and Latin America.
  • The takeover will increase Lincoln Electric’s annual automation sales by about $225 million at comparable EBIT margins to its current automation portfolio, and is expected to be accretive to earnings.
  • The company held $152.8 million in cash and equivalents as of June 30, 2022.
  • Price Action: LECO shares are trading higher by 0.02% at $124.70 on the last check Friday.
 
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