Another key change in Canada's Agricultural Manufacturing sector.
As of December 28th, ASKO Holdings has officially acquired 96.7 per cent of the common shares for Winnipeg-based Buhler Industries.
In July of last year, Buhler known for its Versatile and Farm King brands started looking for a long-term investment partner.
Basak Traktör, a Turkish-based company, and a division of ASKO Holdings has acquired all of the outstanding debt for Buhler in a deal worth $60.5 million Canadian.
Grant Adolph, Chief Operating Officer of Buhler Industries says they are very excited to partner with ASKO Holding.
"We believe that ASKO Holding's deep understanding and involvement in the agricultural equipment industry will assist the Company in achieving its immense potential for future growth and innovation."
Buhler Industries has over 800 employees, including just over 200 staff at its manufacturing plant in Morden.
A company representative says no significant changes are expected to the manufacturing facilities or staff in Morden or Winnipeg.
Sami Konukoglu, Chairman of ASKO Holding says their investment in Buhler Industries is the next step forward for ASKO Holding's expansion into the North American market.
"Buhler Industries and its iconic 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."