Electronics Production | April 16, 2019
Eaton completes the acquisition of a controlling interest in Ulusoy Elektrik
Power management company Eaton has completed the acquisition of an 82.275% controlling interest in Ulusoy Elektrik Imalat Taahhut ve Ticaret A.S., a leading manufacturer of medium voltage electrical equipment based in Ankara, Turkey.
This constitutes the entire shareholding of both privileged and ordinary shares of sellers Sait Ulusoy, Kubilay Hakki Ulusoy, Enis Ulusoy and Akgul Ulusoy, and accounts for 90.153% of the outstanding voting rights. As required by the Turkish capital markets legislation, Eaton now plans to file an application to execute a mandatory tender offer for the remaining shares. Established in 1985, Ulusoy Elektrik employs approximately 780 people and has manufacturing facilities in Turkey and Indonesia. The company’s products include medium-voltage switchgear, medium-voltage distribution transformers, substation kiosks, and medium-voltage cable connection systems.