Eaton Acquires Controlling Interest of Ulusoy Elektrik

Eaton Acquires Controlling Interest of Ulusoy Elektrik

DUBLIN, Ireland — Power management company Eaton announced it has completed the acquisition of an 82.275 percent 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 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 company’s products include medium-voltage switchgear, medium-voltage distribution transformers, substation kiosks, and medium-voltage cable connection systems.

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