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Diversified industrial manufacturer Eaton Corp. (NYSE: ETN), Dublin, Ireland, said it will acquire an 82.275 percent controlling interest in Turkish switchgear manufacturer Ulusoy Elektrik Imalat Taahhut ve Ticaret A.S. (IST:ULUSE). The purchase price for the shares is roughly $214 million, on a cash and debt-free basis, the company said.
Founded in 1985, Ulusoy Elektrik employs about 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 deal complements Eaton’s IEC portfolio and strengthens its business in tailored medium-voltage solutions, the company said. The transaction is expected to close in the first half of 2019.