18th Jul 2005 07:00
Ultra Electronics Holdings PLC18 July 2005 For immediate release 18 July 2005 Ultra Electronics Holdings plc ("Ultra" or "the Group") Ultra acquires Audiopack Technologies, Inc. for $60m Ultra announces that it has acquired Audiopack Technologies, Inc. ("Audiopack")for a cash consideration of $59.7m from vendor Jon Adams. The business is basedin Cleveland, Ohio, USA and employs approximately 120 people. Audiopack's mainactivity is developing and manufacturing rugged voice communications equipmentfor personnel wearing protective clothing, masks and breathing apparatus inharsh and hazardous environments. Jon Adams, owner of Audiopack since 1995, willcontinue to run the business under Ultra's ownership. Audiopack's main customers are in the military and homeland security sectorstogether with 'first responders' such as the fire, medical and police services.These customers demand robust products of the highest quality to providereliable communications between team members operating in dangerousenvironments. Since Jon Adams's buy out of Audiopack in 1995, the business has grown rapidly.In the year ended 31 December 2004, Audiopack achieved sales of $22.1m and madean operating profit of $6.8m. The order book at the end of June 2005 was $3.3m.The value of gross assets being purchased by Ultra is $6.2m, with a net assetvalue of $5.1m, subject to adjustment based on the closing balance sheet. Theacquisition of Audiopack will be financed using Ultra's existing bankingfacilities. Regulatory approvals for Ultra's acquisition of Audiopack have beenobtained. Audiopack will operate as Ultra Electronics Audiopack reporting to Rakesh Sharma, Managing Director of Ultra's Tactical & Sonar Systems division. Douglas Caster, Chief Executive of Ultra, commented: "Audiopack is an excellent acquisition for Ultra, with its broad productportfolio, world-leading technologies and excellent relationships with keycustomers in the US and worldwide. The business has strong positions in growingmarket niches that are complementary to Ultra's existing communications andbattlespace IT activities. Acquisitions such as this demonstrate Ultra'scommitment to invest profitably the cash that it generates in order to delivergrowth, either in existing businesses or by acquiring businesses whichcomplement and broaden the Group's portfolio of products and capabilities." - Ends - Enquiries: Ultra Electronics Holdings plc 020 8813 4321Douglas Caster, Chief Executive www.ultra-electronics.comDavid Jeffcoat, Group Finance Director [email protected] Weber Shandwick Square Mile 020 7067 0700Susanne Walker Notes to editors:Ultra Electronics is a group of specialist businesses designing, manufacturingand supporting electronic and electromechanical systems, sub-systems andproducts for defence, security and aerospace applications worldwide. Ultra, which employs 2,800 people in the UK and North America, focuses on highintegrity sensing, control, communication and display systems with an emphasison integrated information technology solutions. The Group concentrates onobtaining a technological edge in niche markets, with many of its products andtechnologies being market leaders in their field. Ultra's products and services are used on aircraft, ships, submarines, armouredvehicles, surveillance systems, airports and transport systems around the world.Ultra also plays an important role in supporting prime contractors byundertaking specialist system and sub-system integration using the combinedexpertise of the Group businesses. Ultra is organised into three divisions as follows: Aircraft & Vehicle Systems including miniature airborne compressors; highintegrity software and systems; aircraft system electronics; aircraft cockpitindicators; aircraft noise and vibration control systems; airframe protectionsystems, armoured vehicle electronic information and control systems; human/computer interface equipment and shared working environment solutions. Information & Power Systems including command and control systems equipment;weapons interfacing electronics; radar tracking; electro optical tracking;surveillance systems; naval data processing and distribution; airport andairline information management systems; ID card systems; naval power conversion;signature management of naval vessels; transit system power conversion andcontrol. Tactical & Sonar Systems including secure tactical line-of-sight radio systems,multiplexers and switches; tactical data links; cryptographic equipment; active,passive and multi-static sonobuoys; sonobuoy receivers and processors;distributed surveillance sensor arrays; ship's sonar systems; acousticcountermeasure systems and ship's torpedo defence systems. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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