Başak Traktör from Turkey has acquired all common shares of Buhler Industries in Canada from combine factory Rostselmash in Russia. Buhler manufactures Versatile tractors and Farm King implements. Başak is a wholly-owned subsidiary of ASKO Holding.
The shares to be acquired by Başak Traktör represent approximately 97% of all of the outstanding shares. In addition, Başak Traktör acquired all of the outstanding debt of Buhler Industries owed to Rostselmash.
The cash purchase price paid by ASKO is CAD$60.5 million. Entering into the acquisition agreement is the culmination of the process initiated by Buhler Industries to identify a long-term investment partner, announced in July 2023. “We are excited to partner with ASKO Holding and believe that ASKO’s understanding and involvement in the agricultural equipment industry, will assist our company in achieving future growth and innovation”, said CEO Grant Adolph of Buhler Industries.
“This investment in Buhler Industries is the next step forward for ASKO Holding’s expansion into the North American market. Buhler Industries and its brands Versatile and Farm King, have a deep history and legacy in the agricultural industry and we are enthusiastic about working with Buhler Industries to take the next steps in the evolution of its business.” said Sami Konukoglu, Chairman of ASKO Holding.
About Başak Traktör and ASKO Holding
Başak Traktör is headquartered in Sakarya, Turkey and started manufacturing agricultural equipment and machinery in 1914 under a variety of brand names. In 1996, the company was renamed Başak. Under the brand name of Başak Traktör, the company manufactures tractors up to 120 horsepower and also manufactures soil tillage, planting and plant protection machinery, harvesting and garden equipment under the Başak Agri brand. In addition, Başak distributes other agricultural brand machinery.
ASKO Holding is a diversified company with interests in agricultural machinery, construction equipment, energy and technology. It is a joint stock company incorporated under the laws of Turkey.
About Buhler Industries
Buhler Industries is headquartered in Winnipeg, Manitoba, Canada and is a publicly traded Company on the Toronto Stock Exchange (TSX:BUI). The Company manufactures and distributes its product through the brand names Versatile and Farm King. The Versatile line of equipment consists of tractors and tillage. Farm King supplies augers, mowers, bale carriers, snowblowers, and compact implements.
Buhler Industries has been an integral part of the agricultural landscape for nearly a century, with a legacy dating back almost 100 years. The company employs over 800 Canadians, making a significant impact in the Province of Manitoba, with manufacturing facilities in both Winnipeg and Morden. The company also has manufacturing facilities and warehouses in the United States.
The current members of the board of directors of Bühler will resign and be replaced with executives of Başak Traktör.
