Buhler Industries has been sold to Babak Traktör Tarim Ziraat Ve Iş Makinalari Sanayi Ticaret A.Ş., a subsidiary of ASKO Holding, of Turkey.
The $60.5-million deal includes all of the shares and outstanding debt owed to Russian company Rostselmash.
The Russians took off when Canada imposed sanctions for Russia’a invasion of the Ukraine and the business has been by the Canadian management team.
“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.” said Grant Adolph, chief operating officer of Buhler Industries.
Rostselmash owned about 97 per cent of Buhler’s shares. It purchased some 80 per cent of shares in 2007 for $145 million and increased its stake with a $12.25 million purchase of 16.3 per cent of shares in 2021.
Buhler Industries manufactures the Versatile tractor line and Farm King equipmenr
After the Ukraine war began in February, 2022, Buhler issues a news release saying it “operates with autonomy” and its “decisions are made in Canada.” Shortly thereafter, its board accepted the resignation of long-time member Konstantin Babkin, who had Russian political ties.
