• The DeWalt for welding equipment.
• The Caterpillar of welding technology.
• The 3M for comprehensive welding solutions.

• Arc Welding Equipment: Manufactures a comprehensive range of welding machines, power sources, and wire feeders for various welding processes.
• Welding Consumables: Produces electrodes, welding wires, and fluxes essential for melting and joining metals across different applications.
• Welding Automation Systems: Provides robotic welding cells, cutting automation systems, and other solutions for enhanced manufacturing productivity and precision.
• Plasma Cutting Equipment: Offers machines designed for efficient and precise cutting of conductive materials using high-temperature plasma.
• Welding Fume Control & PPE: Develops fume extraction systems and personal protective equipment, including helmets and apparel, to ensure welder safety and a clean working environment.

Lincoln Electric (symbol: LECO) primarily operates on a **business-to-business (B2B)** model, supplying welding and cutting products to a diverse range of industrial customers and through extensive global distribution networks.

While Lincoln Electric generally does not disclose specific end-user company names as "major customers" due to the breadth and fragmentation of its industrial client base, its products are essential inputs for companies across several key sectors. The major categories of customers include:

• Industrial & Heavy Fabrication Companies:

  This broad category includes manufacturers in industries such as:

  • Construction and Infrastructure: Companies involved in structural steel fabrication, bridge building, and general construction projects.
  • Heavy Equipment Manufacturing: Producers of agricultural, mining, earthmoving, and other heavy machinery.
  • Shipbuilding and Marine Fabrication: Shipyards and companies involved in marine structure manufacturing.
  • General Metal Fabrication: Small to large manufacturing shops that process and join metals for various applications.
  • Pressure Vessel and Pipeline Construction: Companies building and maintaining critical infrastructure for oil, gas, and chemical industries.

  These customers represent a wide array of industrial enterprises, both public and private, that rely on advanced welding and cutting technologies for their production processes.

• Automotive & Transportation Sector:

  Manufacturers of automobiles, trucks, buses, railcars, and their respective tiered suppliers are significant users of welding equipment and consumables for assembly, manufacturing, maintenance, and repair operations.

• Energy Sector Companies:

  This includes businesses involved in oil and gas exploration, production, and pipeline construction, as well as companies in power generation (e.g., traditional, nuclear, and renewable energy infrastructure like wind turbine manufacturing).

• Global Distribution Networks:

  A substantial portion of Lincoln Electric's sales flows through a vast network of distributors who then supply the ultimate end-users (smaller businesses, individual contractors, and even larger industrial clients). These distributors are direct, major customers of Lincoln Electric. While many are specialized welding distributors (often private), some large publicly traded industrial distributors also carry Lincoln Electric's products. Examples of large public industrial distributors that carry a wide range of industrial supplies and potentially Lincoln Electric products include:

  • W.W. Grainger, Inc. (NYSE: GWW)
  • Fastenal Company (NASDAQ: FAST)

  It's important to note that Lincoln Electric sells directly to these distributors, who in turn serve a multitude of diverse end-users.

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Steven B. Hedlund, President and Chief Executive Officer

Mr. Hedlund was appointed President and Chief Executive Officer of Lincoln Electric in January 2024, after serving as Chief Operating Officer since 2022. He joined Lincoln Electric in 2008 as Vice President, Strategy and Business Development. Prior to Lincoln Electric, Mr. Hedlund held various executive leadership roles at Fortune Brands, Inc., including Vice President of Growth and Innovation for its Master Lock subsidiary and Vice President, Strategic Planning and New Business Development for Fortune's Home and Hardware Group. He also served as a principal with the management consulting firm Booz Allen & Hamilton.

Gabriel Bruno, Executive Vice President, Chief Financial Officer

Mr. Bruno was promoted to Chief Financial Officer in April 2020. He joined Lincoln Electric in 1995 and has held numerous positions of increasing responsibility in Finance and Information Technology, including Corporate Controller and Director of Information Technology, and Chief Information Officer. Before joining Lincoln Electric, Mr. Bruno was a manager in the audit practice of Price Waterhouse.

Michele R. Kuhrt, Executive Vice President, Chief Transformation Officer

Ms. Kuhrt was appointed Executive Vice President, Chief Transformation Officer in April 2024. She joined Lincoln Electric in 1997 and has held various executive leadership positions, including Director of Taxes, Senior Vice President, Tax, Chief Information Officer, and Chief Human Resources Officer. Prior to joining Lincoln Electric, Ms. Kuhrt was Group Director of Tax for Elsag Bailey Process Automation (a unit of ABB) and an international tax manager with PricewaterhouseCoopers. Ms. Kuhrt is retiring effective August 31, 2025.

Lisa A. Dietrich, Executive Vice President, Chief Digital Information Officer

Ms. Dietrich joined Lincoln Electric in 2022 as Executive Vice President, Chief Digital Information Officer. In this role, she oversees the company's enterprise information technology (IT) systems, cybersecurity, and global IT initiatives. She previously served as CIO and Vice President of Business Transformation during her 11-year tenure at American Greetings Corporation. Ms. Dietrich also served as Portfolio CIO at Key Community Bank.

Jennifer Ansberry, Executive Vice President, General Counsel and Secretary

Ms. Ansberry joined Lincoln Electric in 2004 and was elected Executive Vice President, General Counsel and Secretary in 2017. She previously served as Vice President, Deputy General Counsel, overseeing the company's legal function in global mergers and acquisitions, securities law compliance, corporate governance, and environmental, health, and safety organization. Prior to joining Lincoln Electric, Ms. Ansberry served as an associate at Thompson Hine LLP and Keating, Muething & Klekamp LLP.

The key risks to Lincoln Electric (LECO) include its reliance on the cyclical nature of manufacturing and industrial sectors, vulnerability to supply chain disruptions and raw material price volatility, and the impact of international trade tensions and tariffs.

1. Economic Cycles and Industrial Demand: Lincoln Electric's business is highly susceptible to economic downturns and fluctuations in demand from the manufacturing and industrial sectors it serves. This vulnerability becomes evident during recessions when the demand for industrial goods and services typically declines.
2. Supply Chain and Raw Material Price Volatility: The company faces significant risks from disruptions in its supply chain and the volatility of raw material prices, such as steel, copper, and aluminum. Price hikes in these commodities can directly impact operational costs and overall profitability. While Lincoln Electric employs pricing initiatives and operational efficiencies to buffer these impacts, the underlying risk remains.
3. International Trade Tensions and Tariffs: Given Lincoln Electric's global presence, international trade tensions and the imposition of tariffs pose a risk to its international sales and profitability. The company has faced average tariff rates on welding equipment, with tariffs from certain regions ranging significantly, which can affect its global operations.

• The continued advancement and adoption of additive manufacturing (3D printing) technologies, particularly for metals, which can produce complex parts traditionally made through multiple welding and fabrication steps, thereby reducing the overall demand for arc welding equipment and consumables in specific applications.
• The increasing use of advanced structural adhesives and other non-welding joining technologies for materials assembly, especially in industries focused on lightweighting and multi-material designs (e.g., automotive, aerospace), offering alternative methods that can circumvent or reduce the need for traditional welding processes.

Lincoln Electric (LECO) operates in several key addressable markets related to welding, cutting, and automation. Below are the estimated market sizes for their main products and services:

Welding Equipment

• Global Welding Equipment Market: The global welding equipment market was valued at approximately USD 19.72 billion in 2023 and is projected to reach USD 27.77 billion by 2030, growing at a CAGR of 5% from 2024 to 2030. Other estimates include a valuation of USD 14 billion in 2023, with a projected 7% CAGR from 2023 to 2033. Another source states the market was valued at USD 31.01 billion in 2021 and is expected to reach USD 45.12 billion by 2029. The Asia Pacific region was the largest revenue-generating market in 2023.
• Global Arc Welding Equipment Market: This segment was valued at USD 5.73 billion in 2024 and is projected to reach USD 11.55 billion by 2033, demonstrating a CAGR of 8.1% from 2025 to 2033. Another report indicates a valuation of US$5.4 billion in 2024, projected to reach US$7.2 billion by 2030. North America held the largest share of the global arc welding equipment market in 2023, accounting for over 38%. The U.S. arc welding equipment market size was estimated at USD 3,255.8 million in 2024 and is projected to reach USD 4,610.8 million by 2033.
• Global Orbital Welding Equipment Market: The global orbital welding equipment market was valued at approximately USD 876.5 million in 2024 and is projected to reach USD 1.12 billion by 2030, with a CAGR of 4.2%. Another source reported a valuation of USD 924.08 million in 2021, expecting it to reach USD 1.31 billion by 2025 and USD 2.63 billion by 2033. North America held a significant share of the global market, at 41.77% in 2025. The U.S. orbital welding machine market size was valued at US$ 234.5 million in 2024 and is projected to reach US$ 289.6 million by 2030.
• Global Laser Welding Machine Market: This market was valued at USD 2.7 billion in 2024 and is expected to grow to USD 4.5 billion by 2034, at a CAGR of 5.2%. Other estimates include a market size of USD 3.55 billion in 2025, projected to reach USD 4.79 billion by 2030. The Asia-Pacific region accounted for 49.87% of the market value in 2024 and is the fastest-growing region.

Welding Consumables

• Global Welding Consumables Market: The global market for welding consumables was valued at USD 17.7 billion in 2024 and is expected to reach USD 26.3 billion by 2033, with a CAGR of 4.49% from 2025 to 2033. Other reports indicate a market size of USD 13.40 billion in 2024, projected to grow to USD 19.95 billion by 2032. Asia Pacific dominated this market in 2024 with a share of 37.99%. North America represents the largest regional market for welding consumables.

Cutting Equipment

• Global Cutting Equipment Market: The global cutting equipment market was valued at USD 5.91 billion in 2024 and is projected to grow to USD 16.04 billion by 2035, at a CAGR of approximately 9.50% from 2025 to 2034. Another estimate values the global cutting equipment market at US$ 5.3 billion in 2025, expected to reach US$ 7.6 billion by 2032. Asia Pacific holds a significant market share, accounting for over 30% of market revenue in 2025.

Automation Solutions (including Robotic Welding Systems)

• Global Automation Solutions Market: The automation solutions market was valued at USD 230.92 billion in 2024, is forecast to reach USD 255.80 billion in 2025, and is projected to grow at a CAGR of 10.53% to attain USD 514.78 billion by 2032. North America held the largest share of the automation as a service market in 2024, at 36%. Asia-Pacific encompassed roughly 70% of industrial robot installations globally in 2023.
• Global Arc Welding Robots Market: This market was valued at USD 5.73 billion in 2024 and is projected to reach USD 11.55 billion by 2033, growing at a CAGR of 8.1% during the forecast period.

Here are 3-5 expected drivers of future revenue growth for Lincoln Electric (LECO) over the next 2-3 years:

1. Product Innovation and Advanced Solutions, particularly in Automation and Robotics: Lincoln Electric is focused on developing and leveraging advanced arc welding solutions, including expertise in automation, power electronics, and software. The company has demonstrated strong operational execution in its automation portfolio, and the broader robotics market is poised for significant growth, fueled by technological breakthroughs and increased demand for automation.
2. Strategic Acquisitions: Lincoln Electric's growth strategy includes strategic acquisitions to expand its capabilities and geographic reach. Recent acquisitions, such as RedViking and Vanair, have contributed to sales growth.
3. Market and Channel Expansion: The company is expanding into emerging markets and strengthening its presence in existing ones. Within its Harris Products Group, volume growth is being driven by expansion in the Heating, Ventilation, and Air Conditioning (HVAC) sector and retail channels.
4. Strategic Pricing Initiatives: Lincoln Electric has demonstrated its ability to implement price increases, which have positively contributed to sales. The company anticipates being "price positive" in upcoming quarters.
5. Organic Volume Growth in Key Segments: While subject to market conditions, Lincoln Electric expects low single-digit organic sales growth in 2025. Specific segments like the Harris Products Group are experiencing volume growth, notably driven by ongoing strength in the HVAC industry.

Share Repurchases

• A multi-year share repurchase program totaling US$862.22 million was completed, having bought back 4,692,047 shares since February 2020.
• In February 2020, Lincoln Electric's Board of Directors authorized a new share repurchase program for up to 10 million shares, in addition to 2.8 million shares remaining from a previous program.
• In 2024, Lincoln Electric returned $426 million to shareholders through its dividend program and share repurchases.

Share Issuance

• Lincoln Electric has shown a net reduction in shares outstanding over the last few years, with 0.057 billion shares outstanding in 2024 (a 1.76% decline from 2023) and 0.056 billion shares outstanding in the third quarter of 2025 (a 2.61% decline year-over-year).

Outbound Investments

• In December 2022, Lincoln Electric acquired Fori Automation, LLC, which was partially funded by a $400 million senior secured term loan, increasing annualized automation portfolio revenue to over $850 million.
• In 2024, Lincoln Electric acquired three businesses to enhance its core welding and automation portfolios. The company also acquired Inrotech and Vanair, expected to add approximately $175 million in annualized sales.
• In July 2025, the company entered an agreement to acquire the remaining 65% of Alloy Steel Australia (Int) Pty Ltd. for approximately $90 million, aiming to fully own Alloy Steel, which has annual revenues of around $50 million.

Capital Expenditures

• Capital expenditures were $31.636 million in the third quarter of 2025 and $35.722 million in the third quarter of 2024.
• Expected capital expenditures for 2025 are projected at $93 million, representing 2% of revenue.
• Anticipated investments for 2025 are focused on capital maintenance, efficiency, cost reduction, business growth, and improvements in safety and environmental conditions.