16th Jun 2014 07:04
LONDON (Alliance News) - Ultra Electronics Holdings PLC said Monday it has acquired Dorset-based Lab Impex Systems Ltd for GBP3.2 million in cash, financed from its existing facilities.
Ultra Electronics has acquired the company from private investors, including Lab Impex's founder.
Lab Impex produces radiation measuring products and services for the nuclear industry. Ultra Electronics will integrate the company into its Nuclear Control Systems business, also based in Dorset, and said it will help to expand its radiation monitoring offering, as well as strengthening its engineering expertise.
Ultra Electronics said that the acquisition is expected to be fully earnings enhancing during 2015.
"This acquisition extends Ultra's capabilities in the nuclear sector and provides further momentum for our international growth," said Chief Executive Rakesh Sharma in a statement.
Ultra Electronics shares were up 1.0% at 1,872 pence early Monday.
By Hana Stewart-Smith; hanassmith@alliancenews.com; @HanaSSAllNews
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