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                                                                    Exhibit 4(k)

                                 AMENDMENT NO. 8
                                       TO
                          THE LINCOLN ELECTRIC COMPANY
                              EMPLOYEE SAVINGS PLAN
                          (EFFECTIVE NOVEMBER 1, 1994)

                  The Lincoln Electric Company, an Ohio corporation, hereby
adopts this Amendment No. 8 to The Lincoln Electric Company Employee Savings
plan (Effective November 1, 1994)(the "Plan"). The provisions of this Amendment
shall be effective as of June 2, 1998.

                                       I.

                  Sections 1.1(12), 1.1(13) and 1.1(13A) of the Plan are hereby
deleted in their entirety.

                                      II.

                  Article I of the Plan is hereby amended by inserting the
following new Subsections immediately following Section 1.1(31):

                  "(31A) Holdings Stock: Any class of voting or non-voting
         common stock of Lincoln Electric Holdings, Inc.

                  (31B) Holdings Stock Fund: An investment fund invested
         primarily in Holdings Stock."

                                      III.

                  The second sentence of Section 5.1(1) of the Plan is hereby
amended to read as follows:

                  "Notwithstanding the foregoing, the Investment Committee shall
         direct the Trustee to establish and maintain a Holdings Stock Fund as
         one of the Investment funds."

                                       IV.

                  The last sentence of Section 5.5 of the Plan is hereby amended
to read as follows:

                  "In the absence of an effective investment direction and/or an
         effective investment change, Before-Tax, Rollover, and Employer
         Contributions (other than Matching Employer Contributions) shall be
         invested in such Investment Fund or Funds, and in such proportions, as
         is designated by the Investment Committee from time to time for such
         purpose, and Matching Employer Contributions and ESOP Contributions
         shall be invested in the Holdings Stock Fund (or in such other
         Investment Fund as the Investment Committee shall designate for such
         purpose)."

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                                       V.

                  Section 6.11 of the Plan is hereby amended in its entirety to
read as follows:

                  "6.11 Distribution of Holdings Stock. Notwithstanding the
         preceding provisions of this Article, a Member of Beneficiary who is
         eligible to receive a distribution pursuant to this Article VI (other
         than pursuant to Section 6.7) may elect to receive that portion of his
         distribution which is attributable to his interest in the Holdings
         Stock Fund in the form of whole shares of Holdings Stock with any
         fractional shares of Holdings Stock in cash."

                                       VI.

                  The first Section of Section 14.1 of the Plan is hereby
amended to read as follows:

                  "Before each annual or special meeting of the shareholders of
         Lincoln Electric Holdings, Inc., the Administrative Committee shall
         cause to be sent to each Member and Beneficiary who has voting shares
         of Holdings Stock allocated to his Account on the record date of such
         meeting a copy of the proxy solicitation material therefor, together
         with a form requesting confidential instructions on how to vote the
         voting shares of Holdings Stock allocated to his Account."

                                      VII.

                  Sections 4.2, 4.4, 4.6, 8.8 and Article XIV (including the
headings and subheadings thereunder) of the Plan are hereby amended by (i)
deleting the phrase "Company Stock" in each place it appears therein and (ii)
substituting therefor the phrase "Holdings Stock".

                  EXECUTED at Cleveland, Ohio, this 29th day of December, 1998.

                          THE LINCOLN ELECTRIC COMPANY

                          By: /s/ Frederick G. Stueber
                              -------------------------------------------------
                              Title: Senior Vice President, General Counsel and
                                     Secretary

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