LINCOLN ELECTRIC HOLDINGS INC acquired Applied Robotics, Inc. (Torchmate) for $8.3 million, a transaction completed in July 2011, structured as Asset purchase (Lincoln acquired substantially all of the assets of Applied Robotics, Inc.).
Applied Robotics, Inc. (Torchmate) is based in Reno, Nevada, USA (North America). Applied Robotics, known commercially by its Torchmate brand, is a Reno, Nevada-based manufacturer of CNC plasma and oxyfuel cutting tables and systems for small and medium-sized fabricators. At acquisition it had trailing-twelve-month sales of roughly $13 million and employed 44 people.
Lincoln viewed metal cutting as closely aligned with arc welding. Torchmate's CNC plasma cutting tables offered an economical cutting option for many metal fabricators and broadened Lincoln's cutting-process solutions for customers in North America and worldwide.
Metal cutting is closely aligned with arc welding, and the addition of Torchmate will bolster our ability to provide cutting process solutions for our customers.John M. Stropki, Chairman and Chief Executive Officer, Lincoln Electric
Advisory firms were not disclosed for this transaction.