SAYA Holding Sells Motor Division of Volt Group to Weg

Brazil-based global company WEG has signed an agreement to acquire Volt Motor, a subsidiary of Saya Holding. The agreement was announced by WEG's Finance Director and Investor Relations Officer André Menegueti Salgueiro.

Saya Holding Board Chairman Cem Mengi stated that the transfer price of Volt Motor to WEG is USD 88 million (Enterprise Value - EV). Mengi added that the acquisition will be completed after the Competition Authority reviews and approves the transaction. 

TO BE SUBMITTED TO THE COMPETITION AUTHORITY

Founded in 1961 and based in Brazil, WEG S.A. is a global electro-mechanical equipment company focused on electric motors, gearboxes, drive and control systems, power generation and transformers, electrification products and systems, automation and digitalization, operating in capital goods manufacturing. The company has signed an agreement to acquire Volt Motor, a subsidiary of Turkey-based Saya Holding that produces industrial and commercial electric motors. The agreement was announced by WEG's Finance Director and Investor Relations Officer André Menegueti Salgueiro to shareholders, the market and the public, and was also reported to the Brazilian Stock Exchange.

Saya Holding Board Chairman Cem Mengi, which houses strong brands such as Folkart, Humanis, Volt Motor, Volt Technology, Volt Reducer and Livamine, confirmed the agreement. Mengi stated that only Volt Motor will be sold from the companies within the holding and that the transfer price to WEG is USD 88 million (Enterprise Value - EV).

Cem Mengi emphasized that the agreement will be submitted to the Competition Authority for review and the sale will be completed after all necessary procedures are finalized.

WHY WEG IS INTERESTED

Through this agreement, WEG will have full control of Volt, which owns a 27,000 m² (290,000 ft²) factory dedicated to the design and manufacture of single-phase and three-phase electric motors up to 450 kW. WEG will also add a team of 690 employees to its organization. Rodrigo Fumo, General Manager of WEG's Industrial Electric Motors Division, explained why WEG wants to acquire Volt Motor:

"This acquisition, which will enable the company to increase its visibility and product supply in highly competitive and strategic markets such as Eastern Europe, the Middle East, Central Asia and North Africa, is also aligned with WEG's growth strategy in industrial and commercial motors. Additionally, Volt's location in Izmir, Turkey, offers access to an advanced road logistics network and two major ports, facilitating access to these markets and providing a significant logistics advantage with much faster transit times for customers and all WEG operations in the region."

SAYA HOLDING'S OBJECTIVE

In line with its global expansion strategy, Saya Holding has transformed itself into a holding company by renewing its corporate identity and business structure, prioritizing technological advancement and innovation in the sectors where it operates. Founded in 1987, Volt Motor became a subsidiary of Saya Holding in 2011. As a result of new technology investments and extensive research and development activities, Volt Motor has become one of Turkey's leading electric motor manufacturers. Cem Mengi, Board Chairman of Saya Holding, which has grown Volt Motor and brought it to this strong position, stated that they now aim to raise their companies' competitive strength to the highest level by focusing on new high-technology and innovation-centered areas in the sectors where they operate. Mengi expressed hope that the sale will be beneficial for Turkey and serve as an example for future opportunities.