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%.