120 YEARS OF EXCELLENCE 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.
 The Lincoln Electric Vision

We are a global manufacturer and the market leader of the highest quality
welding, cutting and joining products.
Our enduring passion for the development and application of our technologies
allows us to create complete solutions that make our customers more productive
and successful.
We will distinguish ourselves through an unwavering commitment to our
employees and a relentless drive to maximize shareholder value.
林肯中国
1895 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 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 Management.
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’.