Lincoln Electric Holdings, Inc. (Nasdaq: LECO) statement regarding fire damage to its Jin Tai welding consumables plant in China
CLEVELAND, Oct. 9, 2012 /PRNewswire/ -- On October 5, 2012, a fire occurred in one of the production buildings at Lincoln Electric's Jin Tai welding consumables operations in Jinzhou, China. The site has four production facilities. There were no injuries and all employees working in the building were safely evacuated. Local fire authorities arrived on the scene and contained the fire before any other buildings at the site were damaged.
The fire caused damage to the building and equipment, resulting in the short-term loss of a portion of the facility's manufacturing capacity. Production was shut down temporarily at the entire site, but is expected to resume shortly. The cause of the fire is still under investigation by the Company and local authorities. Lincoln currently expects to be able to satisfy current customer requirements with no significant supply disruptions.
At this time, the Company cannot estimate the financial impact, if any, the fire will have on its financial statements. Lincoln maintains applicable property and business interruption insurance.
The Company's Jin Tai facility manufactures solid wire and employs 800 people. It is one of five manufacturing sites Lincoln Electric operates in China.
Lincoln Electric is the world leader in the design, development and manufacture of arc welding products, robotic arc-welding systems, plasma and oxyfuel cutting equipment and has a leading global position in the brazing and soldering alloys market. Headquartered in Cleveland, Ohio, Lincoln has 45 manufacturing locations, including operations and joint ventures in 20 countries and a worldwide network of distributors and sales offices covering more than 160 countries. For more information about Lincoln Electric and its products and services, visit the Company's website at http://www.lincolnelectric.com.
SOURCE Lincoln Electric Holdings, Inc.
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