- Lincoln Electric Holdings Inc (NASDAQ:LECO) has signed a definitive agreement to acquire Fori Automation Inc.
- The definitive agreement provides for a cash purchase price of $427 million and is expected to be completed in the fourth-quarter of FY22.
- Fori Automation is a privately held automation engineering firm that serves automotive and aerospace OEMs and is headquartered in Shelby Township, Michigan.
- It has additional operations in six international facilities across Europe, Latin America and Asia.
- The acquisition is expected to accelerate Lincoln’s Higher Standard 2025 strategic goal of achieving $1 billion in automation sales by 2025.
- The deal would also extend Lincoln’s automation footprint in South Korea and India and expand its existing presence in Europe, China, and Latin America.
- The takeover will increase Lincoln Electric’s annual automation sales by about $225 million at comparable EBIT margins to its current automation portfolio, and is expected to be accretive to earnings.
- The company held $152.8 million in cash and equivalents as of June 30, 2022.
- Price Action: LECO shares are trading higher by 0.02% at $124.70 on the last check Friday.
VBI Vaccines Partner Brii Biosciences Announces Topline Interim Results Of Phase 2 Study Evaluating BRII-179 In Combination With PEG-IFNα For The Treatment Of Chronic Hepatitis B
BRII-179 (VBI-2601) as an add-on therapy to standard of care PEG-IFNα increases HBsAg loss rate at the end of treatment and 12 weeks follow up
Significantly increased seroconversion rate is strongly associated
