Lincoln Electric Holdings, Inc has announced that it has completed the previously announced acquisition of Fori Automation, LLC (“Fori”) and closed on a $400 million senior secured term loan to partially fund the acquisition.
“We are excited to welcome Fori into Lincoln Electric and expand our leading portfolio of automation solutions and engineering expertise to advance customers’ productivity needs,” stated Christopher L. Mapes, Lincoln’s Chairman, President and Chief Executive Officer. “The transaction brings together two innovative organizations who are guided by similar values and follow a ‘customer-first’ approach.” Mapes continued, “The acquisition increases our annualized automation portfolio revenue to over $850 million as we advance towards our Higher Standard 2025 Strategy $1 billion target and our added scale allows us to better serve customers’ growing automation demands across different end markets.”
The acquisition’s operating results will be reported in Lincoln Electric’s first quarter 2023 financials, with approximately 75% of Fori’s revenue reported within the Americas Welding Segment and the balance in International Welding. The acquisition is expected to be accretive to Company earnings, excluding transaction costs, at approximately $0.12 to $0.15 per diluted common share on an annual basis in 2023.
