Lincoln Electric Company purchases $425 million group annuity contract from Principal Financial Group

Client(s) Lincoln Electric Holdings, Inc.

Jones Day advised The Lincoln Electric Company in its transfer of about $425 million of pension plan liabilities to The Principal Financial Group, covering nearly 1,900 retirees previously receiving pension benefits from Lincoln Electric's U.S. retirement plan. To effect the transfer, The Principal issued a group annuity contract to Lincoln Electric that contained an irrevocable commitment to make annuity payments to the affected retirees starting in November 2015.