Lincoln Electric (LECO) said Thursday it has agreed to acquire the remaining 65% of Alloy Steel Australia (Int) Pty for $90 million.
With the transaction, Lincoln Electric will assume full ownership of Alloy Steel following its April deal to acquire a 35% stake, the company said.
The purchase of the remaining shares is set to close on Friday, Lincoln Electric said.
Lincoln Electric shares rose 7% in recent trading after the company reported better-than-expected Q2 results earlier.
Price: 238.73, Change: +15.40, Percent Change: +6.90
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