(GLOBE NEWSWIRE) -- Lincoln Electric has announced that it has entered into a definitive agreement with Air Liquide to acquire the company's welding subsidiary. The acquisition is seen as a way for Lincoln to strengthen its European market position.
The definitive agreement reflects a $125 million purchase price for the Air Liquide Welding business, valued at approximately 7x Adjusted EBITDA (earnings before interest, taxes, depreciation and amortization) for 2016. The deal is is subject to customary regulatory approvals and other closing conditions, but is expected to close in the second half of 2017.
Until that time the two companies will continue to operate independently.