Eaton has completed the acquisition of an 82 percent controlling interest in Ulusoy Elektrik Imalat Taahhut ve Ticaret A.S., a manufacturer of medium voltage electrical equipment, in a deal that accounts for 90 percent of the outstanding voting rights.
Ulusoy Elektrik, based in Ankara, Turkey, employs approximately 780 people and has manufacturing facilities in its home country and Indonesia. The company’s products include medium-voltage switchgear, distribution transformers and cable connection systems, and substation kiosks.
The deal, undertaken earlier this year, represents approximately $214 million on a cash and debt free basis. On a Turkish Financial Reporting Standards basis, Ulusoy Elektrik had sales for the trailing 12-month period ending September 30, 2018, of 555 million lira ($126 million based on the average exchange rate for the period) and EBIT of 158 million lira ($36 million converted on the same basis).
Eaton said its acquisition of Ulusoy Elektrik complements its IEC portfolio and strengthens its ability to provide tailored medium-voltage solutions that span the full range of requirements. It also adds a competitive, high-capability manufacturing base and provides Eaton with additional access to the medium-voltage market in Europe, the Middle East, and Africa.
Eaton is a power management company with 2018 sales of $21.6 billion that employs 99,000 people worldwide and sells products to customers in more than 175 countries.