"Full Speed Ahead," Says ESAB's Hoglund.Business & High Tech Editors ATLANTA--(BUSINESS WIRE)--Oct. 30, 2000 ESAB ESAB Elektriska Svetsningsaktiebolaget (welding products manufacturer) Group CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. Ray Hoglund said Thursday that ESAB will remain an independent entity, with a mission to provide its customers with the most cost-effective solutions for their welding and cutting applications. Hoglund's statements came following the announcement of Lincoln Electric's failed takeover bid Noun 1. takeover bid - an offer to buy shares in order to take over the company two-tier bid - a takeover bid where the acquirer offers to pay more for the shares needed to gain control than for the remaining shares of ESAB's parent company, Charter plc. Hoglund pointed out a number of attributes that made Charter a likely target for Lincoln's attempt, including ESAB's status as the best known brand in welding worldwide. "Lincoln wanted to gain access to ESAB's unequalled global footprint, where we lead the market in both Western and Eastern Europe Eastern Europe The countries of eastern Europe, especially those that were allied with the USSR in the Warsaw Pact, which was established in 1955 and dissolved in 1991. and South America South America, fourth largest continent (1991 est. pop. 299,150,000), c.6,880,000 sq mi (17,819,000 sq km), the southern of the two continents of the Western Hemisphere. , and represent the second-leading brand of welding products in North America North America, third largest continent (1990 est. pop. 365,000,000), c.9,400,000 sq mi (24,346,000 sq km), the northern of the two continents of the Western Hemisphere. ," Hoglund said. He also referenced ESAB's superior positioning in growing markets like Poland, the Czech Republic Czech Republic, Czech Česká Republika (2005 est. pop. 10,241,000), republic, 29,677 sq mi (78,864 sq km), central Europe. It is bordered by Slovakia on the east, Austria on the south, Germany on the west, and Poland on the north. , Hungary, Korea, Brazil, Indonesia and India. Hoglund commented that ESAB will continue to expand its extensive product range, stating that ESAB already "holds a commanding global technology and market-share lead with products like cored wire, aluminum wire, cutting systems, mig wire, inverter-based power supplies, friction-stir welding, and gas apparatus." Details of Lincoln's failed attempt were not discussed, but Hoglund downplayed their importance, instead focusing on ESAB's solid past and promising future. "As an independent entity, ESAB will aggressively continue its mission to provide customers with the most cost-effective solutions for their welding and cutting applications. We will pursue our growth strategy by continuing to develop our technology and market presence in existing markets and making strategic acquisitions," said Hoglund. ESAB will demonstrate its uninterrupted commitment to new solutions-based products at the upcoming Fabtech International show, where the company will unveil its new Coreshield 8 Self-Shielded Wire, DuraDrive4(R)-48HD Wire Feeder and Avenger 1 Gantry Gantry A name for the couch or table used in a CT scan. The patient lies on the gantry while it slides into the x-ray scanner portion. Mentioned in: Computed Tomography Scans Cutting System with plasma beveling capabilities and new process automation technology. Visit ESAB Welding & Cutting Products at Fabtech in booth #17002, and ESAB Cutting Systems in booth #8098. The show is scheduled to run November 14-16 at the I-X Center in Cleveland. Operating for more than 90 years, ESAB Group remains the world's largest manufacturer and provider of welding and cutting equipment and welding filler metals. |
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