Lincoln Electric Holdings, Inc. has completed a previously announced acquisition of Fori Automation, LLC, after accessing a $400 million senior secured term loan to partially fund the acquisition.
Located in Shelby Township, Michigan, Fori Automation specializes in turnkey system integration, thanks to our dedicated resources for estimating, mechanical and electrical engineering, assembly, software, and more.
It provides: automated guided vehicles and carts for assembly and material handling systems; turnkey assembly and automation for the automotive and non-automotive industries; equipment for wheel alignment, headlamp aim, roll and brake and safety system calibration; and robotic or station-based welding—body and chassis structure—and machining systems.
Lincoln Electric is, itself, recognized as a welding expert. The company calls itself the world leader in the engineering, design, and manufacturing of advanced arc welding solutions, automated joining, assembly and cutting systems, and plasma and oxy-fuel cutting equipment, with a leading global position in brazing and soldering alloys.
“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,” said Christopher L. Mapes, the Chairman, President, and Chief Executive Officer for Lincoln Electric. “The transaction brings together two innovative organizations who are guided by similar values and follow a ‘customer-first’ approach.”
He 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.”
Operating results for the acquisition will be included in the company’s Q1 2023 financials, with approximately 75 percent of Fori’s revenue reported within the Americas Welding Segment and the balance in International Welding.
The acquisition of Fori is expected to be accretive to Lincoln Electric’s earnings, excluding transaction costs, at approximately $0.12 to $0.15 per diluted common share on an annual basis in 2023.
Headquartered in Cleveland, Ohio, Lincoln Electric has 56 manufacturing locations in 19 countries and a worldwide network of distributors and sales offices serving customers in over 160 countries. For more information visit www.lincolnelectric.com.