Lincoln Electric recently acquired the Russian Welding Consumables Manufacturer, Mezhgosmetiz-Mtsensk OAO (MGM).
Lincoln Electric Holdings, Inc. has signed an agreement to acquire the Russian Welding Consumables Manufacturer, MGM. MGM is a privately held welding wire manufacturer which is based in the Orel region of Russia.
The acquisition will offer Lincoln its first manufacturing operation in Russia. The move will also see Lincoln Electric benefit from MGM’s established distribution channels within Russian and Commonwealth Independent States’ (CIS) welding markets. While the acquisition has obtained approval from the Russian Federation regulatory agencies, the terms of the agreement remain undisclosed.
John Stropki, Chairman and CEO for Lincoln, commented, “Lincoln already has solid brand recognition and market presence in Russia through imports of our high technology welding products for the energy and infrastructure segments.”
He added, “MGM, with its broad line of premium quality solid wire and stick electrode products offerings, combined with an extensive distribution network, will complement our imported products offering and significantly expand our commercial presence in the region. We have been impressed with the professionalism and skill of the company’s people, as well as its strong R&D capability, and we believe MGM will be an excellent contributor to Lincoln’s strategic growth.”