logo
Share SHARE
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
Bank of Nova Scotia or otherwise known as Scotiabank, Friday reported lower net profit for the third quarter, in the absence of a year-ago gain. Earnings per share, however, came in line with the Street view. Further, the company said it raised its quarterly dividend by 2 cents. Non-traditional discount and variety stores operator Big Lots Inc. (BIG) Friday reported a decline in net profit for the second quarter, while net sales grew 1.2 percent from the prior year. Comparable sales for the quarter increased 2.8 percent. Google has rejected the European Union's charges that it abused its market power and the demanded that it change the way it ranks online comparison shopping services in its search results, setting up a potentially long legal battle with the EU regulator empowered to levy billions of euros in fines
comments powered by Disqus
Follow RTT