Press Release ITT Corporation - Lincoln Electric
WHITE PLAINS, NEW YORK - Seale & Associates, Inc. announced that it acted as exclusive financial advisor to ITT Corporation on the sale of its Kaliburn and Burny shape cutting businesses and the Cleveland Motion Control web tension control and custom engineered systems businesses to Lincoln Electric Holdings, Inc. Headquartered in Ladson, South Carolina with over 140 employees globally, these businesses were previously part of ITT's Control Technologies segment. The divestiture is part of ITT's continued portfolio reshaping effort.
ITT Corporation (NYSE:ITT) is a diversified leading manufacturer of highly engineered critical components and customized technology solutions for the energy, transportation and industrial markets. Building on its heritage of innovation, ITT partners with its customers to deliver enduring solutions to the key industries that underpin our modern way of life. Founded in 1920, ITT is headquartered in White Plains, New York, with employees in more than 35 countries and sales in a total of approximately 125 countries. The company generated 2011 revenues of $2.1 billion.
Lincoln Electric Holdings, Inc. (NASDAQ:LECO) 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. The company generated 2011 revenues of $2.7 billion.
Seale & Associates, Inc., headquartered in Arlington, Virginia, is a global investment banking firm with extensive experience in mergers and acquisitions, corporate finance advisory, and enterprise level strategy consulting. Our professionals are trusted advisors maintaining a high level of quality and integrity while presenting innovative ideas and solutions to address our clients' most complex dealings.