29th Mar 2005 07:00
Ultra Electronics Holdings PLC29 March 2005 Ultra Electronics Holdings plc ("Ultra" or "the Group") Ultra acquires Horizon Aerospace business Ultra announces that it has agreed to acquire the assets of the aerospacecockpit instrumentation business of Horizon Aerospace LLC ("Horizon") for a cashconsideration, subject to net asset adjustment on completion, of $4.5 million.The acquisition is subject to approval by the US Regulatory Authorities and isexpected to close within 30 days. Horizon shares a common heritage with Ultra's existing Flightline Systems("Flightline") business, having previously operated under a single managementuntil the acquisition of Flightline by Ultra in 1997. Horizon currently employsabout 50 people and, upon completion of the acquisition, the Horizon activitywill be moved and incorporated into the nearby Flightline facility in Victor NewYork, USA. This will generate operational efficiencies and savings for thecombined business. Horizon supplies and supports a broad range of cockpit indicators for militaryand civil aircraft. The range includes mechanical, electro-mechanical, digitaland analogue-digital instruments, together with the designs from LewisEngineering, acquired by Horizon in 2000. These products will complementFlightline's existing range of specialist sonobuoy receivers and aircraftelectro-mechanical gyroscopes. In 2004, Horizon achieved sales of $6.5 million. The acquisition of Horizon willbe financed using Ultra's existing facilities. Flightline is part of the Group'sTactical & Sonar Systems division. Douglas Caster, Chief Operating Officer of Ultra, commented: "I am very pleasedto have acquired the aircraft cockpit instrumentation business of HorizonAerospace. The business will readily be incorporated into our existingFlightline Systems operation and will underpin the continuing growth of thatbusiness." - Ends - Enquiries:Ultra Electronics Holdings plc 020 8813 4321Dr Julian Blogh, Chief Executive www.ultra-electronics.comDouglas Caster, Chief Operating Officer [email protected] Weber Shandwick Square Mile 020 7067 0700Susan Ellis / Susanne 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 noise andvibration control; airframe protection systems, armoured vehicle electronicinformation and control systems; human/computer interface equipment and sharedworking 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 datalinks; 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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