The Lincoln Electric Company Distributes 80th Consecutive Profit-Sharing Bonus $100.7 Million Bonus Pool Sets Company Record
CLEVELAND, Dec. 13, 2013 /PRNewswire/ -- The Lincoln Electric Company today distributed its 80th consecutive profit-sharing bonus to approximately 3,000 employees throughout its Northeast Ohio operations. The 2013 total gross bonus pool was $100.7 million, the largest total dollar bonus in Lincoln's history and the average bonus per employee was $33,029.
The bonus ceremony was held at the Company's Euclid, Ohio manufacturing campus and was broadcast to employees in Mentor, Ohio, and across other field locations.
In his comments during the bonus ceremony, Christopher L. Mapes, President and Chief Executive Officer, congratulated Lincoln Electric employees for their hard work and dedication and stated: "We are proud of the record profitability that the organization has generated in our 118th year, even as we manage through a slow economic recovery. This tremendous achievement reflects our focus on productivity, quality, customer service and delivering the most innovative solutions in the industry."
About Lincoln Electric
The Lincoln Electric Company is a subsidiary of Lincoln Electric Holdings, Inc. Lincoln Electric is the world leader in the design, development and manufacture of arc welding products, robotic arc welding systems, plasma and oxy-fuel 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 19 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 www.lincolnelectric.com.
SOURCE The Lincoln Electric Company