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Fortune

Amber Burton, Joseph Abrams

A manufacturing company has found the formula for avoiding layoffs

Geoff Colvin Lincoln Electric Lincoln

Boss holding magnet to pull back resigned or leaving employee. (Credit: Getty Images)

Good morning!

Layoffs are a fact of life for anyone working in corporate America. But one company has managed to avoid them for over 70 years despite the “towering inflation of the early 1980s, the stock market plunge of 2000-2001, [and] the Great Financial Crisis of 2008-2009,” writes Fortune’s Geoff Colvin. That company is Lincoln Electric, one of the world’s largest producers of welding equipment and supplies.

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