The Russian steel and mining company Severstal has said that its metalware segment Severstal-Metiz has completed the sale of Severstal-Metiz Welding Consumables, a leading manufacturer of welding consumables in Russia, to Ohio, US-based arc-welding and oxyfuel cutting equipment specialist Lincoln Electric Holdings, Inc. (Lincoln Electric).
As part of the transaction, Lincoln Electric has acquired manufacturing operations and exclusive distribution rights of the Severstal brand of welding consumables. Financial terms were not disclosed.
As SteelOrbis previously reported, the definitive agreement between the parties was signed in late December 2010, and within the past two months the transaction was under review by the Russian regulatory authorities.
Accordingly, the sale of Severstal-Metiz Welding Consumables, with $40 million sales in 2010, will allow Severstal-Metiz to concentrate fully on its core business, i.e., wire and wire products.