In a statement, U.S.-based Lincoln Electric said the acquisition will expand its global specialty consumables portfolio and further extend its European reach for its equipment systems and its Harris Product Group solutions.

"The complementary nature of the businesses would strengthen our geographic footprint and advance our ‘2020 Strategy' to drive growth in attractive end sectors and applications,” said Lincoln Electric chairman, president and chief executive Christopher L. Mapes.

“It would also provide greater efficiencies in supply chain, service infrastructure, commercial reach and new product development, which will reinforce Lincoln Electric's long track record of generating value for our shareholders," he added.   

Air Liquide Welding, which owns the Oerlikon and Cemont brands, has approximately 2,000 employees. In 2016, it generated approximately US$380.5 million in revenue.  

The deal is to close in the second half of this year.