29
Nov

Is Eaton taking over the Turkish Ulusoy Elektrik?

Eaton Corp. from Ireland is apparently nearing the acquisition of the Turkish electric switchgear manufacturer Ulusoy Elektrik.

Eaton would pay USD 300 m (EUR 265 m); obtain 80% of the shares from members of the founding family and then make a takeover bid to the remaining co-owners in order to take over the rest.

 

Ulusoy employed at the end of September 2018 708 people. Ulusoy has factories in Turkey, since 2009 they also have a sales office in Algeria and since 2015 they produce a certain part in Indonesia.

From Jan. to Sept 2018, the turnover amounted to TL 405.9 m (EUR 68.3 m); an increase of 41.5% over the same period last year. Domestic sales fell by 1.3% to TL 237.7 m (EUR 40 m), while exports increased by 267.2% to TL 168.2 m (EUR 28.3 m).

The net profit in the nine months amounted to TL 93.9 m (EUR 15.8 m), an increase of 68%.