Historical Background

Lincoln Electric’s tradition of innovative solutions, technological leadership and

commitment to customers, employees, and shareholders stems from the vision of its founder,

John C. Lincoln and his brother, James F. Lincoln.

1985 John C. Lincoln founded The Lincoln Electric Company

with a capital investment of $200.00. The product: electric

motors of his own design.

1900 - 1919

John C.'s younger brother, James F. Lincoln, joined the

Company as a salesman in 1907. Meanwhile, the product

line had been expanded to include battery chargers for

electric automobiles. A welding set is first made by the

Lincoln brothers in 1909. In 1911, Lincoln Electric

introduced the first variable voltage, single operator,

portable welding machine in the world.

 In 1914, wishing to concentrate on scientific investigation,

John C. turned the reins of the Company over to James F.

Lincoln. James F. introduced piecework pay and

established the Employee Advisory Board, which includes

elected representatives from every department and has met

every two weeks ever since. By 1915, in a progressive effort

for its time, Lincoln Electric employees were covered by

group life insurance.

In 1916, The Lincoln Electric Company of Canada was

incorporated to distribute the U.S. made products. The next

year, The Lincoln Electric Welding School was founded.

The school has trained more than 100,000 people since its

inception in 1917.

1920 – 1939

Lincoln Electric's production of welders surpassed that of motors for the first time in 1922,

making welding the company's primary business. In 1927, Lincoln Electric introduced the

Fleetweld® 5 coated electrode which produced welds with 20 - 50% higher tensile strength

and 100% greater ductility than those made with bare electrodes.
 Lincoln Electric employees earned paid vacations, among

the first in the nation, in 1923. The first Lincoln Electric

employee stock ownership plan, one of the first in the

country, was initiated in 1925. An employee suggestion

program was implemented in 1929. Lincoln Electric

employees received their first annual Incentive Bonus in

1934. While the average Lincoln Electric worker's pay more

than doubled during the decade of the Great Depression,

electrodes which had sold for $0.16/lb in 1929 were selling

for less than $0.06/lb by 1942.

After working 12 years to perfect a ductile weld, John Lincoln created a patented flux which,

for the first time, made a weld as flexible as steel.

The Procedure Handbook of Arc Welding Design, first

published in 1933, is today in its 13th edition. More than

two million copies of this textbook have been sold. In 1936,

The James F. Lincoln Arc Welding Foundation was

founded as a nonprofit educational organization to advance

arc welding as a leading materials joining process. That

same year, a young salesman named William I. Miskoe was

sent halfway around the world to establish The Lincoln

Electric Company Pty. Ltd. in Australia.

1940 – 1949

World War II brought a dramatic expansion of Lincoln Electric's business, with welded ship

hulls creating an enormous new market for arc welding products. After many Lincoln

Electric workers were drafted, the company hired large numbers of women and minority

factory workers for the first time. Motor production was suspended to focus resources on

supporting the wartime welding product demand.

1950 – 1969

In 1951, Lincoln Electric constructed a modern plant with unique material handling

capabilities in Euclid, Ohio. Lincoln Electric France SA was established in 1953 with the

construction of a plant in Rouen, a short trip from Paris. Major innovations of the 1950's

included the Jetweld® fast-fill low hydrogen stick electrodes and Innershield® self-shielded

flux-cored wire electrodes.

James F. Lincoln continued to enhance Incentive

Management, adding a cost of living multiplier, formal

merit rating, and guaranteed continuous employment. In

1959, John C. Lincoln passed away.

In the 1960's, motors returned to the company's product line

with an award winning new model featuring an extruded

aluminum frame and automatically wound stator coils.

James F. Lincoln passed away in 1965.

1970 – 1989

Lincoln Electric entered a new era of professional management with the promotions of

George E. Willis to president and William Irrgang to chairman in 1972. The Mentor, Ohio,

electrode plant was started up in 1977 to produce the company's domestic wire consumables

products.

The early 1980's were a time of hardship, with Lincoln Electric's sales dropping 40 percent

in response to the combined effects of inflation, sharply higher energy costs, and a national

recession. Although guaranteed continuous employment received a severe test, not one

Lincoln Electric employee was laid off for lack of work.

In 1986, George E. Willis was named chairman and Donald F. Hastings became president.

Mr. Willis pursued an energetic course of foreign expansion; eventually, Lincoln Electric

obtained a controlling interest in manufacturing operations located in 16 countries.

1990 – 1995

In, 1992, Mr. Hastings became chairman and Frederick W. Mackenbach was promoted to

president. In 1991, an expanded world headquarters facility opened with expanded and

renovated Weld Technology and training center operations. Foreign operations were

consolidated and reorganized.

In 1993, during the global reorganization, Don Hastings and Fred Mackenbach urged the

Company's U.S. employees to pursue record levels of production and sales. In true Lincoln

Electric spirit, they responded by voluntarily postponing 614 weeks of vacation in order to

meet customer demand for product. Sales records were set every quarter since mid 1993.
 Lincoln Electric added more than 600 new employees

during 1994. On June 8, 1995, the Company's Centennial

year, a new, state-of-the-art motor facility opened in

celebration of John C. Lincoln Appreciation Day. The

Lincoln Electric Company achieved its one billion dollar

sales goal during its centennial year.

1996

The board of directors appoints Anthony A. Massaro as

President, succeeding the retiring Frederick W.

Mackenbach. On November 1, Mr. Massaro is named

President and Chief Executive Officer. Mr. Hastings

remains as Chairman until May, 1997.

A multi-million dollar expansion and update of domestic

research and development facilities is approved by the

board. Expansion activities include an acquisition of

Electronic Welding Systems (EWS) in Italy, a planned joint

venture in China and a manufacturing joint venture in

Jakarta, Indonesia.

1997

The Lincoln Electric Board of Directors announces the appointment of Anthony A. Massaro

as chairman of the company, making him the sixth chairman to lead this 102-year-old world

leader in the arc welding industry. At the American Welding Society tradeshow in April, the
company introduces many products resulting from an exciting new product development

process.

Lincoln Electric is committed to building consistent growth in markets around the world and

providing substantial value to all of its stakeholders.

1998

1998 was a year of expansion, acquisition and product

development for Lincoln Electric. In the global arena,

Lincoln Electric opened an electrode plant in Shanghai,

China and acquired Uhrhan & Schwill, of Essen, Germany,

a market-leading designer and installer of pipe welding

systems for pipe mills. In addition, Lincoln Electric secured

its own aluminum wire capability and brand through

acquisition of Canadian company, Indalco, a global leader

in manufacture of aluminum wire and rod. In other global

happenings, Lincoln Electric secured a 50% stake in AS

Kaynak, a leading Turkish producer of welding

consumables and opened a distribution center in

Johannesburg, South Africa.

Products abounded with more than 23 new products and

services introduced to the market in 1998, including

ArcLink™ the arc welding industry’s first communications

protocol, at the annual American Welding Society

Exposition.
 In 1998, Lincoln Electric also distributed its 65th

consecutive bonus to employees and achieved the fifth

consecutive year of record financial performance. In

investor news, shareholders approved the formation of a

holding company, Lincoln Electric Holdings, Inc. With this

transition came a conversion from dual class stock (voting

and non-voting) to a single-class, all voting stock. This

action doubled the number of outstanding shares.

1999

In January of 1999, Lincoln Electric established a majority-held, joint venture electrode plant

in the Philippines with distributor partners. During the American Welding Society's

International Welding and Fabricating Exposition in St. Louis, Lincoln unveiled some never-

before-seen products including the Multi-Weld™ system, designed for welding large

structures, and the Power MIG™: The Professional Choice, 255 combination wire

feeder/welder. Lincoln Electric also debuted a host of new electrodes including SuperArc®

and SuperGlide® premium MIG wires, SuperGlaze® aluminum welding wire and

Excalibur™ 7018 low hydrogen electrodes.

Also in 1999, the company completed the sale of its motor business to the Marathon Division

of Regal-Beloit, preserving Guaranteed Employment Policy through the process.

2000

Lincoln Electric acquires C.I.F.E. Spa, an Italian manufacturer of welding consumables and

Europe’s premier producer of MIG wire. Acquisition solidifies the Company’s position as a

leader in the European welding consumables business. Production begins in Lincoln’s new

manufacturing facility in Brazil.

2001

The Company expands its operations in South America with the acquisition of Messer

Soldaduras de Venezuela, the country’s leading manufacturer of consumable welding

products. The David C. Lincoln Technology Center is completed, ensuring Lincoln

Electric’s leadership position in product development.

2002

The acquisition of Bester S.A., a welding equipment manufacturer based in Poland, drives

the Company’s growth in Eastern Europe. The Company forms Lincoln Electric Welding,

Cutting, Tools and Accessories, Inc., dedicated to growing the retail channel.

2003

Lincoln Electric complements its successful line of retail products with the acquisition of the

Century and Marquette welding and battery charger brands, which have leading positions in

the automotive aftermarket and retail channels.

2004

Acquisitions of controlling interests in three welding businesses in China are completed,

giving Lincoln Electric a leading share of that growing market. U.S. Secretary of Commerce
Donald L. Evans visits Lincoln Electric’s Cleveland headquarters, citing the Company as a

prime example of America’s manufacturing strength. John M. Stropki is named Chairman,

President and Chief Executive Officer, becoming only the seventh Chairman in the

Company’s history.

2005

Lincoln Electric acquires J.W. Harris Co., a global leader in brazing and soldering alloys, to

broaden the Company’s solutions capabilities and complement its core product lines. Lincoln

leads the welding industry in achieving ISO 14001 certification, the environmental standard.

2006

The acquisition of Metrode Products Limited, a UK-based manufacturer of nickel-based

cored wire and stick electrode consumables, expands the Company’s offering of specialty

consumables for the process and power generation industries.

Lincoln Electric earns the President’s “E-Star” Award for its excellent exports program.

2007

Lincoln Electric invests in expanding its global manufacturing footprint, the largest

undertaking in its history, constructing or upgrading 10 plants throughout the world.

The acquisition of Vernon Tool Company, a manufacturer of computer-controlled pipe

cutting equipment, expands Lincoln’s automation solutions, while acquisitions in China and

Poland further enhance the Company’s global market position.

2008

President George W. Bush visits Lincoln Electric’s world headquarters in Euclid, Ohio, tours

the manufacturing campus and praises the Company’s employees for their global

competitiveness.

Ohio Governor Ted Strickland honors Lincoln Electric as the state’s Large Business

Exporter of the Year and attends the grand opening of the Company’s Automation Center of

Excellence.

The acquisition of Brastak in Brazil expands the Company’s offering of brazing products

and its Electro-Arco acquisition in Portugal adds to its manufacturing capacity in Europe.

2009

Focusing on the future while managing through a

challenging economic environment, Lincoln Electric

introduces 108 new products within a nine-month period,

including the VRTEX™ 360, a virtual welding training

system.

The Company opens a 100,000-square-foot welding

consumables facility in Chennai, India, to serve growing

demand in the Asia Pacific region.

Lincoln Electric also acquires full ownership of Jinzhou Jin

Tai Welding and Metal Co. to expand its manufacturing

capacity in China, the fastest growing welding market in the

world.

2010

The Lincoln Electric Company celebrates its 115th

anniversary year.

The Company is also the subject of the book Spark, written

by Canadian economics journalist Frank Koller. The book

recognizes Lincoln Electric for its rich history, strong

culture and fundamental principles that have enabled it to

continue providing excellent value to customers,

shareholders and employees throughout the years.

2011

Lincoln celebrates record sales of $2.7 billion as end

markets recover from the Great Recession, product

innovation, and through four acquisitions. These include

Torchmate (cutting tables and systems), Techalloy (alloy

consumables), Arc Products (orbital TIG welding systems),

and Severstal welding – further expanding Lincoln’s

footprint in Russia.
 Christopher L. Mapes, a member of Lincoln’s Board of

Directors since 2010, is named Chief Operating Officer of

the Company.

Lincoln senior management continue to convey the

Company’s unique legacy and culture to new audiences at

speaking venues such as the Chautauqua Institution and

Brigham Young University’s Marriott School of Mana

gement.

Lincoln constructs a 443-foot-tall, 2.5 megawatt wind

turbine at its world headquarters and manufacturing campus

in Cleveland, Ohio. The wind turbine will generate up to

10% of the energy used by the Company’s operations with

annual savings of approximately $500,000.

2012

Lincoln continues to expand in 2012, acquiring four companies in the high-growth areas of

automation and alloy-based consumables which predominately serve high demanding

applications in areas such as the oil and gas sector. These acquisitions are: Tennessee Rand,

Wayne Trail, Burny Kaliburn and WearTech. Christopher L. Mapes is named President and

CEO and John M. Stropki serves as Executive Chairman of the Board.

 2013

Lincoln leadership transitions from John M. Stropki, who

retired after 41 years with the Company, to Christopher L.

Mapes, who is now Chairman, President and CEO.

While sales held steady during the year, operating profit

margins peak at a record 15% and record cash flows from

operations is achieved.

Two acquisitions in automation, Robolution GmbH and

Burlington Automation, are completed and position Lincoln

as the largest arc welding automation solutions provider in

the industry.

Lincoln Electric also earns the President’s “E-Star” Award

again for its excellent export program. This is Lincoln's

second recognition and is only of 1 of 2 companies to earn

the award more than once. Lincoln Canada is the first

welding organization worldwide to qualify for ISO50001

certification focused on energy management.

2014

Lincoln Electric continues to invest in growth and innovation with the acquisition of Easom

Automation Systems for heavy fabrication automation solutions, and RealWeld Systems

Inc., which expands Lincoln’s educational and training solutions. Additionally the Company
licenses technologies from Helical Robotics and from NanoSteel for high-performance weld

overlay and thermal spray technologies. The Company continues to generate record financial

results in 2014 from its operational initiatives as it pursues its ‘2020 Vision & Strategy’.

2017

Lincoln Electric acquires the French company Air Liquide Welding, specialist of industrial

welding and cutting.