• Lincoln Electric for industrial welding and cutting equipment and consumables.
• Like a specialized version of Stanley Black & Decker, focused entirely on advanced welding and metal cutting solutions for industrial use.

• Welding Consumables: Materials such as electrodes, cored and solid wires, and fluxes used in welding processes.
• Cutting Consumables: Parts like electrodes, nozzles, shields, and tips essential for cutting operations.
• Fabrication Technology Equipment: Machinery ranging from portable welding machines to large customized automated cutting and welding systems.
• Gas Control Equipment: Devices and systems used for managing and regulating gases.
• Digital Software and Solutions: Software tools designed to improve productivity, remotely monitor operations, and digitize documentation.

• General industry
• Construction and infrastructure
• Transportation (including automotive, rail, and marine)
• Energy (including oil & gas and power generation)
• Renewable energy
• Medical and life sciences

Shyam P. Kambeyanda, President and Chief Executive Officer

Shyam P. Kambeyanda is President and CEO of ESAB Corporation and a member of the company's Board of Directors. He has overseen the growth of ESAB's fabrication technology business, expanding global operations, improving financial performance, and driving ESAB Business Excellence (EBX). Before ESAB became a public company in 2022, Kambeyanda served as President and CEO of ESAB starting in May 2016 when it was part of Colfax Corporation, where he also served as an Executive Vice President from December 2019. Prior to joining Colfax, he was the President of Americas for Eaton Corporation's Hydraulics Group, and held various positions of increasing responsibility in engineering, quality, e-commerce, product strategy, and operations management across the U.S., Mexico, Europe, and Asia since joining Eaton in 1995.

Kevin Johnson, EVP and Chief Financial Officer

Kevin Johnson was appointed Chief Financial Officer of ESAB Corporation in May 2019, where he leads the company's financial planning, controlling, tax, treasury, IT, and investor relations functions. Before joining ESAB, he held several roles of increasing responsibility across the Colfax Corporation (now Enovis) enterprise, including Vice President of Finance, where he led investor relations and supported acquisition diligence and integration. Johnson has extensive global experience gained in Asia, Europe, and Africa, including serving as Executive Director and Chief Financial Officer for Howden Africa, a South African publicly listed company, from 2011 to 2018. He also previously served as Financial Director of Howden Australia and Financial Systems Director and Programme Director at Howden Group Ltd in the UK.

Olivier Biebuyck, President, Fabrication Technology

Olivier Biebuyck is President of ESAB Corporation's Fabrication Technology platform. He joined the company in May 2017 as Vice President and General Manager of ESAB's filler metals business, where he notably led the successful acquisition and integration of Sandvik Welding and the restructuring of its filler metal footprint. Additionally, he led the acquisition and integration of the Gas Control Equipment (GCE) company in 2018. Prior to ESAB, Biebuyck was an executive at Honeywell, serving as Vice President and General Manager of Honeywell Electronics Materials and Chief Marketing Officer of Honeywell Process Solutions. His background also includes executive roles at Lafarge and senior management consulting with McKinsey & Company.

Curtis Jewell, General Counsel and Corporate Secretary

Curtis Jewell serves as ESAB Corporation's General Counsel and Corporate Secretary. In this role, he leads the Corporation's legal team, advises the executive team on legal strategy, and acts as the company's legal representative. Jewell became ESAB Corporation's general counsel in 2020 and was appointed Senior Vice President and Corporate Secretary in 2022. He possesses significant experience leading legal teams through complex acquisitions and cross-border initiatives while driving process improvement.

Michele Campion, Chief Human Resources Officer

Michele Campion is the Chief Human Resources Officer at ESAB Corporation. She joined ESAB Corporation in September 2020 as the Vice President, Human Resources.

The key risks to ESAB Corporation's business include:

1. Geopolitical and International Business Exposure: ESAB operates extensively outside the U.S., with approximately 80% of its sales generated internationally in 2025. This exposes the company to significant geopolitical conflicts, such as the war in Ukraine and Middle Eastern conflicts, as well as risks related to international regulatory and sanctions compliance. Its Russian operations alone represented about 5% of its net sales in 2025.
2. Debt and Acquisition Integration Risks: ESAB pursues an acquisitive growth strategy, which involves substantial existing indebtedness, including approximately $1.2 billion of debt and $700 million in senior notes due 2029. The company's agreement to acquire Eddyfi Technologies for approximately $1.45 billion will further increase its leverage. Risks include the ability to effectively integrate acquired businesses and generate sufficient cash flow to manage its capital structure, with covenants based on EBITDA leverage and interest coverage potentially restricting financial flexibility.
3. Exposure to Cyclical Industry and Economic Risks: ESAB operates within the welding and cutting industry, which is mature and cyclical. The demand for its products is closely linked to capital spending in manufacturing and other industrial activities, making the company susceptible to economic downturns and fluctuations in global industrial demand.

The clear emerging threat for ESAB Corporation is the advancement and increasing adoption of **metal additive manufacturing (3D printing)**. As metal 3D printing technologies continue to improve in terms of material capabilities, production speed, cost-effectiveness, and scale, they offer an alternative method for creating complex metal parts. This can circumvent the traditional need for cutting, forming, and then joining (welding) multiple components, directly reducing the demand for ESAB's core products such as welding consumables, cutting consumables, and fabrication equipment. This shift parallels historical disruptions where a new technology or process fundamentally changes or eliminates the need for an existing one.

ESAB Corporation operates in several addressable markets globally, primarily encompassing welding equipment, welding consumables, and gas control equipment.

Global Welding Equipment Market

The global welding equipment market is projected to be valued at approximately US$28.4 billion in 2026 and is expected to reach US$44.2 billion by 2033, demonstrating a compound annual growth rate (CAGR) of 6.5% between 2026 and 2033. This market's growth is driven by sustained automotive production, modernization of infrastructure, and the increasing adoption of automation technologies in fabrication processes.

Global Welding Consumables Market

The global welding consumables market size was estimated at USD 20.82 billion in 2025. It is predicted to grow to USD 22.08 billion in 2026 and is projected to reach approximately USD 36.90 billion by 2035, expanding at a CAGR of 5.89% from 2026 to 2035. The expansion of infrastructure, growth in the automotive manufacturing industry, and the increasing adoption of automated and robotic welding systems are key drivers for this market.

Global Gas Equipment Market (including Gas Control Equipment)

The global gas equipment market, which includes gas control equipment, was valued at USD 82.47 billion in 2025 and is anticipated to reach USD 132.24 billion by 2033, growing at a CAGR of 6.08%. This market's expansion is largely fueled by the rising demand for industrial gases across major sectors such as energy, healthcare, and manufacturing, coupled with advancements in gas storage, transportation, and detection technologies.

ESAB Corporation (ESAB) is expected to drive future revenue growth over the next 2-3 years through several key strategies:

1. Strategic Acquisitions: ESAB is actively pursuing a "compounder strategy" involving strategic acquisitions to enhance its capabilities and market reach. Notable examples include the acquisition of EWM, a provider of advanced arc welding and robotic solutions, which is expected to bolster ESAB's position in higher-margin equipment and automation, particularly in Europe and North America. Additionally, the planned acquisition of Eddyfi Technologies, a global leader in advanced inspection and monitoring technologies, is projected to add approximately $270 million in revenue by 2026 and expand ESAB's portfolio into new technological areas.
2. New Product Development and Digital Solutions: The company continuously introduces innovative products and workflow solutions. Recent launches include the Renegade VOLT battery-powered welding system and the Warrior EDGE CX system for heavy industrial welding. ESAB is also advancing its digital software and solutions, such as InduSuite, to help customers increase productivity and digitize operations, thereby driving both equipment and consumables sales. The Gas Control business is also contributing through new product offerings, particularly in the energy transition and medical gas sectors.
3. Expansion in High-Growth Geographies and End Markets: ESAB is strategically focusing on regions and end markets that present significant growth opportunities. The company anticipates continued volume growth in high-potential areas like India, the Middle East, and the broader Asia Pacific (EMEA & APAC) region, supported by robust demand in infrastructure, defense, and energy projects. ESAB's "in region, for region" manufacturing approach also helps mitigate tariff impacts and supports market share gains in these growing geographies.
4. Growth in Automation and Cobot Solutions: The automation and Cobot business represents a substantial area for future revenue expansion. ESAB's Cobot business experienced near triple-digit growth in late 2023 and is expected to maintain double-digit growth, increasing its overall share of the company's business. These solutions are designed to optimize customer workflows and contribute significantly to profit conversion.
5. Strategic Mix Shift Towards Higher-Margin Solutions and Operational Excellence (EBX): ESAB is strategically rebalancing its product portfolio towards higher-margin equipment and gas control solutions to build a more resilient and less cyclical business model. The company's proprietary ESAB Business Excellence (EBX) management system is instrumental in driving revenue growth through disciplined pricing actions, supply chain efficiencies, and productivity improvements, including the integration of AI to enhance operational standards and achieve targeted EBITDA margin expansion.

Share Repurchases

• In August 2024, ESAB's Board of Directors authorized a new stock repurchase program for up to 5 million shares of the company's common stock.

Share Issuance

• The acquisition of Eddyfi Technologies, announced in February 2026, is expected to be funded in part by $318 million of fully committed equity.
• ESAB's shares outstanding have shown minor fluctuations over the past few years, with approximately 60.7 million shares outstanding at the end of 2025 and 61.07 million at the end of 2024, compared to 59.99 million in 2021.

Inbound Investments

• TimesSquare Capital Management, LLC increased its position in ESAB by 262,850 shares during the fourth quarter of 2025, with an estimated trade size of approximately $30.08 million.

Outbound Investments

• In February 2026, ESAB announced a definitive agreement to acquire Eddyfi Technologies, a global leader in advanced inspection and monitoring technologies, for $1.45 billion.
• During the fourth quarter of 2024, ESAB completed the acquisition of SUMIG, a South American light automation and equipment business.
• In the second quarter of 2025, ESAB completed two acquisitions in the medical gas control space: DeltaP (approximately $10 million in sales) and Aktiv (approximately $5 million in sales). Additionally, ESAB signed an agreement to acquire EWM, a leading provider of premium arc welding and robotic technology solutions with approximately €120 million in annual sales, expected to close in Q4 2025.

Capital Expenditures

• ESAB Corporation invested $11.2 million in capital expenditures in the fourth quarter of 2025, allocated towards funding long-term assets and infrastructure.
• The company expects to continue making significant expenditures for research and development to maintain and improve its competitive positions.