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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.

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