The No-Layoff Company — in Ohio

BY Paul Solman  July 13, 2011 at 12:49 PM EDT

Editor’s Note: On Wednesday’s program, a look at an improbable Rust Belt success story. With a guaranteed no-layoff policy and average pay of almost $70,000 this year, Lincoln Electric is atypical of U.S. companies.

We last visited the Cleveland, Ohio arc welding manufacturer nearly 20 years ago. It was 1992, and Jim Lehrer opened the segment by saying, “Finally, on this night when the U.S. unemployment rate was reported at an eight-year high, our business correspondent Paul Solman of WGBH in Boston looks at one company’s solution to dealing with recessions.”

That eight-year high figure? 7.6 percent.

Here in full is ‘$hare and $hare Alike.’