Eaton Corp. completed the acquisition of a controlling interest in Ulusoy Elektrik Imalat Taahhut ve Ticaret A.S., a manufacturer of medium-voltage electrical equipment based in Ankara, Turkey.
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.
The shares of Ulusoy Elektrik acquired by Eaton constitute the entire shareholding of four principle owners 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.