FONT-SIZE Plus   Neg

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.

by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Quick Facts

Editors Pick
Xbox Live users are aggravated about repeated outages that have prevented gamers from accessing online multiplayer features. Blaming higher egg prices and other rising costs, Dunkin's Donuts will close 100 stores, all of them Speedway gas station and convenience store locations. Micron Technology, Inc. said that its fourth quarter profit fell 59% from last year, as sales declined and gross margins deteriorated amid weak demand and pricing pressures due to continued softness in the personal computer market. However, the company's quarterly earnings per share, excluding items, came in above analysts' expectations as did its quarterly sales.
comments powered by Disqus
Follow RTT