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Bids, Mergers and Takeovers

Ultra Electronics in talks to acquire Sparton Corp

26 June 2017 07:14

Ultra Electronics confirms it is in advanced talks to acquire the whole of the issued share capital of Sparton Corporation.

NYSE-quoted Sparton's Engineered Components & Products (ECP) division was Ultra's 50/50 partner in the long-standing ERAPSCO joint venture.

Should Ultra acquire Sparton, it intended to sell Sparton's other business, the Manufacturing & Design Services (MDS) division.

In 2014, ERAPSCO was awarded an indefinite delivery indefinite quantity contract by the US Navy which runs until 2019; $664m of purchase orders have been received in the first four years and a further $160m of purchase orders are expected to be added in FY 2018.

Ultra's participation in the ERAPSCO joint venture had brought an extensive knowledge, experience and proven performance to a major customer, the US DoD.

Ultra was in a unique position to "preserve the status quo" for the US Navy and help to ensure that the delivery of critical assets to this major customer is not interrupted.

Story provided by StockMarketWire.com

Related Company: ULE

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