CLEVELAND, Oct. 29, 2015 /PRNewswire/ -- The Lincoln
Electric Company, a subsidiary of Lincoln Electric Holdings Inc.
(Nasdaq: LECO), is pleased to announce it is investing
approximately $30 million in a new
Welding Technology Center on its Euclid,
Ohio campus. The Center will focus on the training of
welding educators and industry leaders to address the rising demand
for welding education and career pathways in welding and advanced
manufacturing. Lincoln Electric will also dedicate resources
to support welding training for veterans at this facility.
Construction is expected to begin in early 2016 with an opening
anticipated in 2017 - marking the centennial anniversary of
Lincoln's legacy welding school, the longest-running welding school
in the United States. The new 130,000-square foot center will
double Lincoln's welding education capacity to 180 welding booths
and will include high-tech classroom and seminar spaces. It
will also showcase and integrate Lincoln Electric's latest
technologies and solutions into a comprehensive welding curriculum
– making it the industry's most advanced facility of its kind.
Lincoln Electric's Chairman and Chief Executive Officer,
Christopher L. Mapes said, "This
investment reflects our commitment to being at the forefront of
welding innovation and education. The increased demand from
customers, the skilled trades and technical schools to help develop
the next generation of industry-ready welders has accelerated our
investment in education and our new Welding Technology Center will
allow us to demonstrate how our technical expertise and the value
of our solutions can have a measurable impact on educators,
students and customers. We are thankful to our partners,
including the City of Euclid,
Cuyahoga County, the State of Ohio, and the many other institutions
who are supporting this expansion as part of our '2020 Vision and
Strategy,' and who are helping us define the next chapter of our
welding school's legacy."
About Lincoln Electric
Lincoln Electric is the world leader in the design, development
and manufacture of arc welding products, robotic arc welding
systems, plasma and oxy-fuel cutting equipment and has a leading
global position in the brazing and soldering alloys market.
Headquartered in Cleveland, Ohio,
Lincoln Electric has 47 manufacturing locations, including
operations and joint ventures in 19 countries and a worldwide
network of distributors and sales offices covering more than 160
countries. For more information about Lincoln Electric and its
products and services, visit the Company's website at
www.lincolnelectric.com.
Forward Looking Statements
The Company's expectations and beliefs concerning the future
contained in this news release are forward-looking statements
within the meaning of the Private Securities Litigation Reform Act
of 1995. These statements reflect management's current
expectations and involve a number of risks and uncertainties.
Forward-looking statements generally can be identified by the use
of words such as "may," "will," "expect," "intend," "estimate,"
"anticipate," "believe," "forecast," "guidance" or words of similar
meaning. Actual results may differ materially from such
statements due to a variety of factors that could adversely affect
the Company's operating results. The factors include, but are
not limited to: general economic and market conditions; the
effectiveness of operating initiatives; interest rates;
disruptions, uncertainty or volatility in the credit markets that
may limit our access to capital; currency exchange rates and
devaluations, including in highly inflationary countries such as
Venezuela; adverse outcome of
pending or potential litigation; actual costs of the Company's
rationalization plans; possible acquisitions; market risks and
price fluctuations related to the purchase of commodities and
energy; global regulatory complexity; and the possible effects of
events beyond our control, such as political unrest, acts of terror
and natural disasters, on the Company or its customers, suppliers
and the economy in general. For additional discussion, see
"Item 1A. Risk Factors" in the Company's Annual Report on
Form 10-K.
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SOURCE The Lincoln Electric Company