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Lincoln Electric cinches controlling stake in Askaynak

Lincoln Electric Holdings recently completed the purchase of the controlling stake of Kaynak Teknigi Sanayi ve Ticaret AS, which the company says will advance its regional growth strategy in Europe, the Middle East and Africa.

“We are pleased to welcome the Askaynak team into Lincoln Electric,” said  Christopher L Mapes, chairman, president and chief executive officer of Lincoln Electric. “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.”

As previously disclosed, Askaynak is located in Turkey and is the country’s leading supplier and manufacturer of welding consumables, arc welding equipment, including plasma and oxy-fuel cutting equipment and robotic welding systems, Lincoln Electric said. Askaynak generates approximately $70 million in annual revenue.

Terms of the transaction were not disclosed.

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