Air Liquide — M&A Activity 2017

Mar 2, 2017

Air Liquide enters into exclusive negotiations with Lincoln Electric to sell its Air subsidiary incoln Liquide Welding

Air Liquide announces it has entered into exclusive negotiations with ("Lincoln Electric") (Nasdaq: LECO) welding products, robotic arc welding Air Liquide Welding, its subsidiary specializ technologies. Lincoln Electric Holdings, Inc. LECO), the world leader in design, development and manufacture of arc systems, plasma and oxy-fuel cutting equipment, to sell specializing in the manufacture of welding and cutting

The transaction is subject to the final and definitive agreement between the parties and customary conditions and provisions, in particular the representative bodies and the competition "information-consultation" process with mpetition authorities' approval. the employee

Air Liquide is focused on its Gas & implementation of its company program Services activities following the acquisition of Airgas, as well as on program NEOS for the 2016-2020 period. on the

About Air Liquide Welding

Air Liquide's subsidiary, Air Liquide Welding is a key player in the manufacturing of welding and cutting technologies. Air Liquide Welding, which has approximately 2,000 employees through several internationally well known brands (SAF range of related equipment, consumables and services on the market. idiary, across the world, has generated in 2016 a turnover around (SAF-FRO and OERLIKON in the industrial field, CEMONT for professionals...), a large €350 million. It offers,

About Lincoln Electric

Lincoln Electric is the world leader in the design, development and manufacture of arc welding products, robotic arc welding systems, plasma and oxy-fuel cutting equipment and has a leading global position in the brazing and soldering alloys market. Headquartered Cleveland, Ohio, Lincoln has 47 manufacturing locations, including operations and joint ventures in 19 countries and a worldwide network of distributors and sales offices covering more than 160 countries. In 201 For more information about Lincoln Electric and its products and services, visit the Company's website at fuel 2016, Lincoln Electric generated www.lincolnelectric.com FRO in generated \$2.3 billion in revenue. www.lincolnelectric.com.

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The world leader in gases, technologies and services for Industry and Health, Air Liquide 67,000 employees and serves more than 3 million customers and patients. Oxygen, nitrogen and hydrogen are essential small molecules for life, matter and energy. They embody Air Liquide's scientific territory a activities since its creation in 1902. is present in 80 countries with approximately and have been at the core of the company's

Air Liquide's ambition is to lead its industry, deliver long term performance and contribute to sustainability. The company's centric transformation strategy aims at investments, open innovation and a network organization implemented by the Group worldwide. Through the commitment and inventiveness of its people, Air Liquide leverages delivers greater value to all its stakeholders. profitable growth over the long term. It relies on operational excellence, selective energy and environment transition, changes in healthcare and digitization, and 18.1 nd company's customer-

Air Liquide's revenue amounted to €18.1 billion in 2016 and its solutions that protect life and the environment represented mor 40% of sales. Air Liquide is listed on the Euronext Paris stock exchange (compartment A) and belongs to the CAC 40, EURO STOXX 50 and FTSE4Good indexes. more than