Eaton Agrees to Acquire Controlling Interest in Ulusoy Elektrik, Expanding IEC Offerings in EMEA
01 Febbraio 2019 - 3:36AM
Business Wire
Power management company Eaton (NYSE:ETN) has reached a
definitive agreement to acquire an 82.275 percent controlling
interest in Ulusoy Elektrik Imalat Taahhut ve Ticaret A.S.
(IST:ULUSE), a leading manufacturer of switchgear based in Ankara,
Turkey, with a primary focus on medium voltage solutions for
industrial and utility customers. The purchase price for the shares
is approximately $214 million on a cash and debt free basis. 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.
On a Turkish Financial Reporting Standards basis, Ulusoy
Elektrik had sales for the trailing 12-month period ending
September 30, 2018, of 555 million lira ($126 million based on the
average exchange rate for the period) and EBIT of 158 million lira
($36 million converted on the same basis). A reconciliation of Net
Income to EBIT follows this press release.
Established in 1985, the company employs approximately 780
people and has manufacturing facilities in Turkey and Indonesia.
Products include medium-voltage switchgear, medium-voltage
distribution transformers, substation kiosks, and medium-voltage
cable connection systems.
“The acquisition of Ulusoy Elektrik complements Eaton’s IEC
portfolio and strengthens our ability to provide tailored
medium-voltage solutions that span the full range of requirements,”
said Revathi Advaithi, president and chief operating officer,
Electrical Sector. “In addition, it adds a competitive,
high-capability manufacturing base and provides us with additional
access to the medium-voltage market in Europe, the Middle East, and
Africa.”
The transaction is subject to customary closing conditions and
regulatory approvals and is expected to close in the first half of
2019. As part of the agreement, certain unrelated businesses with
expected revenue in 2018 of approximately $3 million are not
included in this transaction. The final purchase price will be
adjusted up or down for the level of net cash delivered at closing.
As required by the Turkish capital markets legislation, Eaton plans
to file an application to execute a mandatory tender offer for the
remaining shares shortly after the transaction closes.
This news release contains forward-looking statements concerning
the expected closing date of the acquisition of Ulusoy Elektrik,
and the subsequent mandatory tender offer for remaining shares,
some of which may be outside the company’s control. The following
factors could cause actual results to differ materially from those
in the forward-looking statements: unexpected difficulties
obtaining regulatory approvals or satisfying closing conditions and
unanticipated difficulties completing the mandatory tender offer.
We do not assume any obligation to update these forward-looking
statements.
Eaton is a power management company with 2018 sales of $21.6
billion. We provide energy-efficient solutions that help our
customers effectively manage electrical, hydraulic and mechanical
power more efficiently, safely and sustainably. Eaton is dedicated
to improving the quality of life and the environment through the
use of power management technologies and services. Eaton has
approximately 99,000 employees and sells products to customers in
more than 175 countries. For more information, visit Eaton.com.
Reconciliation of Net Income to EBIT:
TL Millions USD Millions Trailing 12 Months Trailing
12 Months Ending Sept 2018 Ending Sept 2018 Net Income 125
28.5
Income Taxes 31
7.0
Non-Operating (Income) Expense 2
0.5
EBIT 158
36.0
View source
version on businesswire.com: https://www.businesswire.com/news/home/20190131006014/en/
Kelly Jasko, 440-523-5304kellymjasko@eaton.com
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