Ultra Electronics acquires aerospace products maker ICE

6th May 2014 08:14

FTSE 250-listed Ultra Electronics has paid an initial 8.6m dollars for the acquisition of aerospace products manufacturer ICE Corp., funded from its existing facilities. The firm, for which Ultra will pay up to an additional $3m, was acquired from private investors, which includes the original founder. All of the management team will stay with the business. The acquisition will be fully earnings accretive in 2015. ICE designs, develops, manufactures and supports aerospace products and its customers include Parker Hannifin Corporation, Cessna Aircraft Company and Meggitt. The company, which has 50 employees, will continue to operate from its existing facilities as a bolt-in acquisition to Ultra's Controls business within Ultra's Aircraft & Vehicle Systems Division. Ultra Chief Executive Rakesh Sharma, said: "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."Shares rose 0.23% to 1,725p by 08:25 on Tuesday.NR