Lincoln Electric and IPG Photonics sign strategic partnership agreement

Nov. 3, 2010
Oxford, MA and Cleveland, OH -- Fiber laser manufacturer IPG Photonics Corporation and Lincoln Electric Holdings, Inc., have formed a strategic partnership to explore global opportunities in the high-power laser welding and cutting market.
Oxford, MA and Cleveland, OH -- Fiber laser manufacturer IPG Photonics Corporation (NASDAQ: IPGP) and Lincoln Electric Holdings, Inc., supplier of arc welding and cutting products, have formed a strategic partnership to explore global opportunities in the high-power laser welding and cutting market. Lincoln Electric selected IPG to be part of its strategic supplier vendor list in its effort to enhance supply chain and technology development relationships with critical industry partners.

In a statement the companies said that under the agreement they will jointly pursue ways of providing expanded turnkey hybrid fiber laser-MIG welding solutions to industrial customers around the world. The partnership will also involve cooperative sales, application development and marketing efforts. Examples of potential benefits to be derived from this agreement include collaboration and strategy development toward pursuit of new business opportunities, shared technology development, improved business processes, rapid commercialization, system integration and entry into new markets, applications and customers.

"Our companies have enjoyed an excellent working relationship over the past several years," said Dr. Valentin P. Gapontsev, Chairman and Chief Executive Officer of IPG. "Strategic partnering is an effective vehicle to grow market presence, accelerate opportunity creation and strengthen our competitive position."

"This strategic partnership brings together the world's strongest welding company and the world's leader in laser technology to provide innovative, integrated laser welding solutions to the marketplace," said John M. Stropki, Chairman and Chief Executive Officer of Lincoln Electric. "It also affirms our companies' strong commitment to bring maximum value to customers worldwide," he stated.

Find out more at www.ipgphotonics.com
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