Power management company Eaton (NYSE:ETN) today announced it has completed the acquisition of an 82.275 percent controlling interest in Ulusoy Elektrik Imalat Taahhut ve Ticaret A.S. (IST:ULUSE), 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 percent 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 companys products include medium-voltage switchgear, medium-voltage distribution transformers, substation kiosks, and medium-voltage cable connection systems.
This news release contains forward-looking statements relating to the mandatory tender offer for remaining shares, some of which may be outside the companys control. Unanticipated difficulties completing the mandatory tender offer could cause actual results to differ materially from those in the forward-looking statements. We do not assume any obligation to update these forward-looking statements.
Eaton is a power management company with 2018 sales of $21.6 billion. Its energy-efficient solutions help customers effectively manage electrical, hydraulic and mechanical power more reliably, safely and sustainably. The company is dedicated to improving the quality of life and the environment through the use of power management technologies and services. Eaton employs 99,000 people worldwide and sells products to customers in more than 175 countries.