With the agreement, Weg will assume full control of Volt, which has a 27,000-square-meter factory dedicated to the design and manufacture of industrial and commercial electric motors, with powers of up to 450 kW.

Industrial machinery manufacturer Weg has signed an agreement to acquire Volt Electric Motor, a Turkish producer of industrial and commercial electric motors, a subsidiary of Saya Group, for a total consideration of US$88 million, subject to price adjustments customary in this type of transaction.

Founded in 1987, Volt is a vertically integrated company with a production capacity of 1 million motors 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.

With the agreement, Weg will take full control of Volt, which has a 27,000-square-meter factory dedicated to the design and manufacture of industrial and commercial electric motors, with power ratings of up to 450 kW. Weg will also add a team of 690 employees.

This acquisition is in line with Weg's growth strategy in the industrial and commercial motors segment, as it will allow it to expand its presence and product offering in highly competitive and strategic markets, such as Eastern Europe, the Middle East, Central Asia and North Africa.

Furthermore, Volt's location in Izmir, Turkey, will facilitate access to these markets, as it has a developed road logistics network and two major ports, allowing significantly faster transit times for customers and any Weg operations in the region, representing "a significant logistical advantage."

The agreement between the companies is still subject to the satisfaction of customary closing conditions, including obtaining all regulatory approvals required in connection with the transaction.