6th May 2014 06:59
LONDON (Alliance News) - Ultra Electronics Holdings PLC Tuesday said it had bought aerospace products manufacturer ICE Corporation Inc for up to USD11.6 million, an acquisition that will add to Ultra's earnings and further boost its presence in the US market.
In a statement, Ultra said it will pay an initial USD8.6 million in cash, using the company's existing financing facilities, and will pay up to USD3.0 million more as long as the WheelTug electric taxi system gets certification. ICE provides essential parts for the system.
"I am pleased that we have been able to bring ICE into the Group as a part of Controls. This acquisition further extends Ultra's capabilities in the aerospace sector and will support planned growth in the US market," Ultra Chief Executive Rakesh Sharma said in a statement.
ICE makes products like motor control electronics, electrothermal ice protection controllers, pneumatic valve controls and engine control interface units. Its customers include Parker Hannifin Corp, Cessna Aircraft Company and Meggitt PLC.
Ultra is buying the business from private investors, including the original founder. All of the management team will stay with the business, it said.
By Steve McGrath; [email protected]; @SteveMcGrath1
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