MANHATTAN, KS – May 6, 2014 – Ultra Electronics, based in Middlesex, England, has announced the purchase of ICE Corporation in Manhattan.
Ultra announces that it has acquired ICE Corporation Inc. (“ICE”) based in Manhattan, Kansasfor an initial cash consideration of $8.6m. Ultra has acquired ICE from private investors, which includes the original founder. All of the management team will stay with the business.
ICE designs, develops, manufactures and supports aerospace products including, motorcontrol electronics, electrothermal ice protection controllers, pneumatic valve controls andengine control interface units. ICE customers include Parker Hannifin Corporation, CessnaAircraft Company and Meggitt.
The acquisition of ICE will be financed using Ultra’s existing facilities and will be fully earningsaccretive in 2015. Additional payments of up to $3m will be made subject to certification of thenew WheelTug electric taxi system for which ICE provides essential parts. ICE, which has 50employees, will continue to operate from its existing facilities as a bolt–in acquisition to Ultra’sControls business within Ultra’s Aircraft & Vehicle Systems Division.
Rakesh Sharma, Chief Executive of Ultra, commented:“I am pleased that we have been able to bring ICE into the Group as a part of Controls. Thisacquisition further extends Ultra’s capabilities in the aerospace sector and will supportplanned growth in the US market.”
About Ultra Electronics. Ultra Electronics is a world leading Defence & Aerospace, Security & Cyber, Transport and Energy company. It was formed in October 1993 with annual revenue around £84 million (US $139m). The Group has since grown, both organically and by acquisition, with revenue in 2013 of £745.2 million (US$1,165.8m) and has over 4,600 employees based mainly in the UK, USA, Canada, Australia and Middle East. Ultra listed on the London Stock Exchange in October 1996 and is in the FTSE 250. For additional information about Ultra Electronics, please visit: www.ultra-electronics.com.
Additional Information About ICE Corporation: Construction of a new $500,000 expansion is now underway at its Amherst Ave. location and is expected to be completed late summer/early fall time frame that will almost double active production space. The company presently employees 53 full-time and 13 part-time employees along with 8 student interns. Employment totals include 14 full-time engineers, with all but one being a K-State graduate. ICE was originally founded by a group of K-State students; as it grew ICE Corporation had many local private investors and financial support/investment by K-State University through its commercialization arm, KSU-IC, the City of Manhattan and the Kansas Dept. of Commerce through KTEC
