Weg, which bought industrial and commercial electric motor maker Volt Electric Motor from Turkey for $88 million, told the market on Monday that the acquired businesses will be consolidated on its balance sheet starting this month, which closes the fourth quarter of the ‘year.
According to Weg, Volt is a vertical company, founded in 1987, with a production capacity of 1 million engines per year. The company has a strong presence in the Turkish market and exports to several countries, mainly in Europe, the Middle East and Central Asia.
The operation – now concluded, according to a press release released to the market on Monday – involves the acquisition by Weg of full control of Volt, which has a factory of 27,000 square meters of built area dedicated to the development and production of industrial engines and commercial, with power up to 450 kilowatts (kW).
“Weg will also incorporate a team of 690 employees. In 2023, Volt reported net operating revenue of $70 million, with an EBITDA margin of 18.5%,” Weg said in September, when it announced the acquisition of Turkish manufacturer.
Source: Terra
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