Lincoln Electric Holdings' Asian subsidiary, Lincoln Asia Pacific, completed its previously announced acquisition of Jinzhou Jin Tai Welding and Metal Co. Ltd., a welding wire business in Jinzhou, China. Lincoln Asia Pacific had owned 48% of Jin Tai, and the remaining 52% was held by Taiwan-based Kuang Tai Metal Industrial Co., Ltd. (“Kuang Tai”) and other partners. Now, Lincoln controls 100% of Jin Tai.

“We are pleased to announce the acquisition of Jin Tai, which starts a new phase in the development of our business in China,” stated chairman and CEO John M. Stropki. “Jin Tai will greatly expand our customer base, bring experienced industry management talent into our Asian organization and add significant cost-competitive MIG wire manufacturing capacity. In addition, completing this acquisition allows us to focus our resources on growing our position in China, the largest welding market in the world in terms of volumes.”

Lincoln Asia Pacific exchanging its 35% ownership interest in Kuang Tai, paying approximately $39 million in cash, and assuming net debt of approximately $10 million, completed the acquisition.