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Plus-sized tractor manufacturer Buhler Industries has been bought by Turkish business ASKO Holding.
Late last year saw a lifeline thrown to plus-sized tractor manufacturer Buhler Industries, via its acquisition by Turkish business ASKO Holding.
Başak Traktör, which is a wholly owned subsidiary of ASKO Holding, completed the previously announced acquisition of Buhler, which in turn is owned by Combine Factory Rostselmash Ltd – best known for building combine harvesters.
In addition, Başak Traktör acquired all the outstanding debt of Buhler Industries that was owed to parent company Rostselmash. The aggregate cash purchase price paid by ASKO Holding was CAD$60.5 million. The transaction, made up of CAD$28.2 million for the company shares, around $4 million in transaction costs and the remainder in settlement of the debt, with delivery of 96.7% of the Buhler company shares.
Best known for its Versatile and Farm King brands, since the company started operating around 50 years ago, Versatile has the claim of being the first North American manufacturer to mass produce and market articulated four-wheel drive tractors.
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