Quick Facts
FONT-SIZE Plus   Neg
Share SHARE

Ultra Electronics Buys Virginia's 3 Phoenix Inc.

Ultra Electronics Holdings plc (ULE.L), a defense, security, transport and energy company, Wednesday said it acquired 3 Phoenix Inc. to complement its Tactical & Sonar Systems Division.

The purchase price, comprising an initial cash consideration of $70 million, with additional payments of up to $17 million to be due subject to earnings growth over the next 3 years, will be funded using existing facilities.

3 Phoenix Inc or 3Pi, a supplier of specialist sonar, radar, intelligence, surveillance and reconnaissance products, is said to have delivered real-time sensor and processing systems, primarily to the U.S. Navy, as well as commercial customers. 3Pi has 182 employees and all of its management will stay with the business.

The acquired business, whose integration with Ultra's Tactical & Sonar Systems Division will occur in 2014, is expected to be accretive to earnings in 2015.

Click here to receive FREE breaking news email alerts for Ultra Electronics and others in your portfolio

by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Quick Facts

Editors Pick
LinkedIn Corp., the world's largest online professional network, said Thursday after the markets closed that it swung to a second quarter loss, hurt by higher costs and expenses even as revenue surged 47%. However, the company's quarterly earnings per share, excluding items, came in above analysts' expectations as did its quarterly revenue. Kraton Performance Polymers, Inc. (KRA), Wednesday reported second-quarter net income of $11.1 million or $0.33 per share, up from $3.8 million or $0.12 per share last year. Adjusted earnings improved to $0.46 per share from $0.15 per share last year. Revenues for the quarter dropped to $323.8... Organic grocer Whole Foods Market, Inc. said Wednesday after the markets closed that its third quarter profit rose 6.3% from last year, as same-store sales increased 3.9%. The company's quarterly earnings per share also came in above analysts' expectations, but its quarterly sales fell shy of analyst' forecast.
comments powered by Disqus
FREE Newsletters, Analysis & Alerts

 

Stay informed with our FREE daily Newsletters and real-time breaking News Alerts. Sign up to receive the latest information on business news, health, technology, biotech, market analysis, currency trading and more.