Lincoln Electric (LECO) 8-K Regulation FD Disclosure

Christopher L. Mapes

Chairman, President & CEO

Vincent K. Petrella

Executive Vice President & CFO

Proposed Acquisition of Air Liquide Welding

April 28, 2017

Exhibit 99.1

The Welding Experts

®

Forward-Looking Statements:

Statements made during this presentation which are not historical facts may be considered forward-looking

statements. Forward-looking statements involve risks and uncertainties that could cause actual events or

results to differ materially from those expressed or implied. Forward-looking statements generally can be

identified by the use of words such as “may,” “will,” “expect,” “intend,” “estimate,” “anticipate,” “believe,”

“forecast,” “guidance” or words of similar meaning. These risks include our ability to successfully complete

the Air Liquide Welding acquisition, including the receipt of required regulatory approvals and the satisfaction

or waiver of other closing conditions; our ability to successfully integrate Air Liquide Welding; our ability to

achieve the expected growth and efficiencies from the Air Liquide Welding acquisition, accretion and

generate generally attractive return on capital, within the expected time frame or at all.

Safe Harbor

2

Snapshot of Air Liquide Welding

•

Acquisition includes the Air Liquide

Welding European and

Canadian welding and gas valve businesses

•

Approximately 2,000 employees, primarily across six

European countries and Canada

•

13 manufacturing facilities

•

Over 15,000 customers worldwide

•

Strong, complementary positions in key markets, including

France, Germany, Italy and Canada

Air Liquide

Welding (ALW), an Air Liquide

subsidiary, is an established leader

in welding and cutting solutions in Europe with premier global brands and

strong customer relationships

Product Mix

Business Mix

Europe

82%

Europe Exports &        

North America

18%

€367M

(USD$405M)

3

2

1

1

1

2

FY2016 Net Sales and business mix 

U.S. dollar-denominated net sales reflects an average 2016 Euro:USD exchange rate

Consumables

(filler metals)

62%

Equipment

38%

Overview of the Definitive Agreement for ALW

•

Benefit from expanded product portfolios and application expertise

•

Improves channel and market access in both Europe and globally 

•

Includes exclusive global supply agreement

•

Offers attractive near-term growth synergies and efficiency savings

•

Complements our 2020 growth strategy

4

Represents a strong strategic fit to expand and strengthen European

operations and Harris Products Group

Overview of the Definitive Agreement for ALW

•

€115 million purchase price

•

Approximate

7x

EBITDA

multiple

•

Accretive to adjusted earnings per share (EPS)

–

Approximately $0.03 per quarter or $0.12 annually in the first year after acquisition

–

Approximately $0.06 per quarter or $0.24 annually in the second year of operation

with initial synergies

•

Expect synergies to generate an incremental $30 million of EBITDA per year in the fourth

year of operation

5

Disciplined M&A approach with opportunity to generate incremental value

Reflects

2016

Adjusted

EBITDA

1

1

Unparalleled New Welding and Cutting Organization

6

Combination creates an extraordinary team of talented industry experts

•

Only dedicated welding and cutting organization among the top-3 competitors

•

Establishes an unrivaled breadth and depth of commercial and technical application

expertise in our industry worldwide

•

Extensive operational and process knowledge to drive operational excellence

•

Reinforces our mission of being the “employer of choice” in our industry by investing in

growth and offering expanded career opportunities

Combines Premier Product Portfolios

Leverages two premier and complementary product portfolios to offer

best-in-class solutions

•

Represents growth opportunity in high-margin products with strategic emphasis

–

ALW increases Lincoln Electric’s (LECO’s) portfolio in specialty alloy consumables with ALW’s top-tier

alloy brands and technologies

–

ALW expands LECO’s Harris Products Group gas valve portfolio

–

LECO broadens ALW’s product portfolio in equipment solutions to better serve their customers

7

Expands and Strengthens Geographic Footprint

8

Combination of complementary geographic footprints

strengthens Lincoln Electric’s position in Europe and

its go-to-market effectiveness

Air Liquide Welding’s stronger presence

Lincoln Electric’s stronger presence

Both ALW and LECO are participants

Augments Customer Base and Expands Industry Exposure

9

Combination leverages the strengths of each business to better serve a

larger customer base with higher-value solutions in more diverse industries

•

Enables LECO to better penetrate attractive end markets:

–

Chemical processing

–

Power generation

–

Infrastructure

•

LECO benefits from an expanded IP portfolio to generate

new and differentiated solutions

•

ALW customer base adds attractive channels to sell Harris

Product Group solutions

•

Includes exclusive global supply agreement

Automotive/

Transportation

General

Fabrication

Heavy

Industries

3

Energy & Process

Industries

2

Construction &

Infrastructure

4

33%

22%

18%

17%

10%

General

Fabrication

33%

20%

Energy & Process

Industries

2

20%

Heavy

Industries

3

18%

Automotive/ 

Transportation

9%

Construction &

Infrastructure

4

1

Reflects 2015 revenue end market mix

1

applications

Energy & Process Industries includes Pipe mill, Pipeline, Offshore, Power generation

2

Heavy Industries includes Heavy Fabrication, Shipbuilding and Maintenance & Repair

3

and Process industry applications

Construction & Infrastructure includes Structural applications

4

1

Combined

End-Market

Breakdown

Lincoln

Electric

End-Market

Breakdown

Complements 2020 Strategic Priorities

Proposed acquisition augments the 2020 strategy in four targeted areas

by leveraging the complementary strengths of each business

Leverage Best Practices

in Manufacturing

Drive Greater

Efficiencies

Operational

Excellence

Arc Welding

Automation

Alloys and Aluminum

Spec Valves

Cutting

Leverage

Core

+

Adjacencies

Broadens European

Footprint

Strengthens Channel

Strategy

Reach

Enhances Canadian

Business

Chemical Processing

Power Generation

General Industrial

Infrastructure

Diverse

Sectors

Industrial Gas

10

Attractive Acquisition with Near-Term Opportunities

Proposed acquisition would be immediately accretive to adjusted earnings and

cash flow with additional benefits over time as the businesses are integrated

•

Immediately accretive:

–

Approximately $0.03 Adjusted EPS contribution per quarter ($0.12 Adj. EPS per year) in the first

year after acquisition

–

Approximately $0.06 Adjusted EPS contribution per quarter ($0.24 Adj. EPS per year) in the

second year of operation with initial synergy benefits

•

Expected sources of near-term benefits:

–

Operational Efficiencies:

•

Leveraging manufacturing footprint across product areas

•

Improved scale in procurement and operations

•

Greater efficiencies in back office and SG&A processes

–

Growth Opportunities:

•

Enhanced solutions selling opportunities

•

Expanded channel synergies for a broad product portfolio

•

Additional synergy benefits expected over time once businesses are fully integrated

–

Expect synergies to generate $30 million in EBITDA, $0.35 to Adjusted EPS, annually starting in

the fourth year of operation

11

Expected Next Steps

12

REGULATORY

REVIEW PHASE

March 2, 2017

Estimated H2-2017

CLOSING

DEFINITIVE

AGREEMENT

SIGNED

•

Closing subject to customary conditions including:

•

Absence of any law or order in effect which would materially impair the close of the transaction

•

Approval of the transaction by the application competition authorities

•

Foreign investment authorization from the French Ministry of Economy and Finance

•

Expected to close in the second half of 2017

WORKS COUNCIL

INFORMATION &

CONSULTATION

WORKS

COUNCIL

OPINIONS

ISSUED

MOU

SIGNED

April 27, 2017

Summary Slide

•

Brings two leading welding and cutting businesses together in Europe

•

A strategic fit with a complementary profile that offers growth opportunities across 3

distinct areas of our business:

–

Alloys (specialty consumables)

–

Equipment systems

–

Harris Products Group solutions

•

Transaction is immediately accretive with growth and efficiency opportunities that are

expected to generate incremental value

–

Expect synergies to generate $30 million in EBITDA, $0.35 to Adjusted EPS, annually starting in the

fourth year of operation

•

Attractive returns

–

15%+ internal rate of return (IRR)

–

10%+ cash ROIC in the first year of operation

13