Lincoln Electric Acquires Fori Automation For $427M - Lincoln Electric Holdings (NASDAQ:LECO)

Lincoln Electric Holdings Inc 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.