14th Oct 2015 06:39
LONDON (Alliance News) - FTSE 250-listed electronic and software technology company Ultra Electronics Holdings PLC on Wednesday said it has acquired Furnace Parts LLC for a total cash consideration of USD12.0 million from Takoda Group LLC.
Furnace Parts is a developer and supplier of thermocouple-based temperature sensors for high performance and demanding applications in the nuclear and process control sectors. The acquisition will extend Ultra's specialist temperature sensing capabilities in both US and international markets, it said in a statement.
The acquisition of Furnace Parts will be financed using Ultra's existing credit facilities and it is expected to become earnings enhancing during 2016.
Furnace Parts has 26 employees and is based in Ohio in the US and will be integrated into Ultra's Nuclear Sensors & Process Instrumentation business based in Texas, within Ultra's Aerospace and Infrastructure division.
"I am pleased that we have been able to bring Furnace Parts into the froup as a part of our Nuclear Sensors & Process Instrumentation business. Furnace Parts brings complementary capabilities and products in support of Ultra's continued growth in the sector," said Chief Executive Rakesh Sharma.
By Joshua Warner; [email protected]; @JoshAlliance
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