CLEVELAND - Lincoln Electric Holdings, Inc. (NASDAQ: NASDAQ:LECO), known for its advanced arc welding solutions and cutting equipment, has announced the acquisition of Vanair Manufacturing, LLC, a manufacturer of mobile power solutions.
The move aims to position Lincoln Electric as a leader in the maintenance and repair service truck market in the United States.
Vanair, headquartered in Michigan City, Indiana, is recognized for its broad range of vehicle-mounted compressors, generators, welders, hydraulics, chargers/boosters, and electrified power equipment.
The company's portfolio is expected to complement Lincoln Electric's existing maintenance and repair consumables offering.
Steven B. Hedlund, President and CEO of Lincoln Electric, remarked on the acquisition, highlighting Vanair's reputation for high-quality manufacturing, innovation, and engineering expertise. He expressed confidence that the integration of Vanair would provide a significant channel opportunity to accelerate growth and broaden Lincoln Electric's technology platform for long-term value creation.
The financial details of the transaction reveal that Vanair's annual revenue stands at approximately $100 million with a low double-digit percent EBIT margin.
Lincoln Electric, with its global presence and extensive product range, has emphasized that this acquisition aligns with its strategy to advance customer fabrication capabilities and build a better world through its comprehensive welding and cutting solutions.
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