Ultra acquires ICE Corporation
Ultra announces that it has acquired ICE Corporation Inc (“ICE”) based in Manhattan, Kansas for 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, motor control electronics, electrothermal ice protection controllers, pneumatic valve controls and engine control interface units. ICE customers include Parker Hannifin Corporation, Cessna Aircraft Company and Meggitt.
The acquisition of ICE will be financed using Ultra’s existing facilities and will be fully earnings accretive in 2015. Additional payments of up to $3m will be made subject to certification of the new WheelTug electric taxi system for which ICE provides essential parts. ICE, 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.
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. This acquisition further extends Ultra’s capabilities in the aerospace sector and will support planned growth in the US market.”