Energy management firm Eaton has acquired control of a Turkish grid equipment manufacturer.
Eaton completed the acquisition of its 82.257-percent stake in Ulusoy Elektrik Imalat Taahhut ve Ticaret. Based in Ankara, Turkey, Ulusoy Elektrik makes medium voltage equipment such as switchgear, distribution transformers, substation kiosks and cable connection systems.
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.
Founded in 1985, Ulusoy Elektrik employs about 780 people It has manufacturing facilities in Turkey and Indonesia.
Eaton has 99,000 employees globally and generated sales of $21.6 billion last year. The energy management part of the company offers everything from advanced metering infrastructure to controls, relays, microgrid solutions, surge arrestors and reclosers.
(Rod Walton is content director for Power Engineering and POWERGEN International. He can be reached at 918-831-9177 and firstname.lastname@example.org).