18th Apr 2008 07:00
Ultra Electronics Holdings PLC18 April 2008 Embargoed until 0700 18 April 2008 Ultra Electronics Holdings plc ("Ultra" or "the Group") ULTRA ACQUIRES US UNDERWATER ACOUSTIC TRANSDUCER SPECIALIST Ultra announces the acquisition, subject to regulatory approvals, of HarrisAcoustic Products ("Harris") from Channel Technologies, Inc. for a cashconsideration of approximately US$7 million. Harris specialises in the design, supply and support of submarine acoustictransducers and arrays. The transducers create the acoustic pulse, or 'sonarping', in the water and receive the resulting echo return from potentialtargets. Multiple transducers are assembled by Harris into arrays to allowhigher power acoustic pings and an improved directional capability of the sonarsystem Harris employs about 40 staff and is based in Walpole, MA, USA. Ultra's existingOcean Systems business, based in Braintree, MA also supplies underwater acoustictransducers and arrays and is located about 20 miles away. Harris will becomepart of the Ocean Systems business. Harris supplies a range of transducers and sensors installed in the Virginiaclass of nuclear submarine, which is in series production for the US Navy byElectric Boat, a General Dynamics business. Harris transducers are also broadlyused in mine hunting sonar systems. The acquisition of Harris will be financed using Ultra's existing facilities andis expected to be earnings accretive after integration. On a pro-forma basis,Harris would have generated revenue of about US$9 million in the year ending 31December 2007. Douglas Caster, Ultra's Chief Executive, commented:"I am pleased that we have been able to acquire Harris as a bolt-in acquisitionfor Ocean Systems. Ultra has great strengths in a number of different underwateracoustic market niches, including anti-submarine warfare, torpedo defence, sonarsystems and submarine communications. Ultra's position in these specialistmarket sectors is further strengthened by the addition of the Harris productdesigns and the positions they hold on long-term programmes." - Ends - Enquiries: Ultra Electronics Holdings plc 020 8813 4321Douglas Caster, Chief Executive www.ultra-electronics.comDavid Jeffcoat, Group Finance Director [email protected] Weber Shandwick Financial 020 7067 0700Susan Ellis / Louise Robson Notes to editors:Ultra Electronics is a group of specialist advanced technology businesses thatdesign, manufacture and support electronic and electromechanical systems,sub-systems and products for defence, security, aerospace and transportapplications worldwide. Ultra, which employs 3,100 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 systemtest equipment; aircraft cockpit indicators; aircraft noise and vibrationcontrol systems; airframe protection systems, armoured vehicle electronicinformation and control systems; human/computer interface equipment and crisisinformation management systems. 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; secure video-conferencing systems; voicecommunication systems; 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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