Ultra Electronics acquires US surveillance and intelligence firm

19th Feb 2014 07:07

Ultra Electronics has acquired 3 Phoenix (3Pi), a supplier of specialist sonar, radar, intelligence, surveillance and reconnaissance products for 70m dollars. Further payments of up to $17m will be made, all of which will be financed using Ultra's existing facilities. Ultra said the it expected the full accretion of earnings from the acquisition to occur during 2015.3Pi was bought from its management team, which will stay with the business, along with its 182 employees. Ultra's Chief Executive, Rakesh Sharma, said: "3Pi provides important complementary technologies and products to advance Ultra's strategy of targeting areas of preferential customer spending in the naval sensors, security and intelligence domains. "3Pi is a technology-rich company with an established position in the US market place. Its sonar, anti-submarine warfare, mine detection and electronic warfare capabilities have strong market-facing synergies with Ultra's Avalon, Command & Control, Maritime Systems, Ocean Systems, Sonar Systems and USSI businesses." NR