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

26 Articles
Editors Pick
So far this year, 23 novel drugs have already received FDA approval. Now let's take a look at the biotech stocks waiting to hear from the FDA in July. President Donald Trump has continued his assault on one of his favorite targets on Wednesday, lashing out at major media outlets in a series of posts on Twitter. Trump singled out the New York Times and the Washington Post in his tweets, describing the newspapers as "fake news." Christoph, born on-board a Spirit flight destined to Dallas from Fort Lauderdale airport, can celebrate all his forthcoming birthdays in life with a free travel on Spirit airline.
comments powered by Disqus
Follow RTT