Hello, Guest!
  • Thursday, April 18, 2024

Rakesh Sharma: Ultra Targets Aerospace Footprint Growth With ICE Buy


acquisitionUltra Electronics Holdings has purchased aerospace electrical power management provider ICE Corporation for $8.6 million from private investors.

Rakesh Sharma, CEO of Ultra, said Tuesday his company intends for the ICE acquisition to expand Ultra’s technologies for the aerospace sector and grow its presence in the U.S. market.

“I am pleased that we have been able to bring ICE into the group as a part of controls, ” Sharma added.

Safran reached a deal earlier this year to acquire Eaton‘s (NYSE: ETN) 350-employee aerospace power distribution and cockpit services unit for $270 million.

Ultra expects the transaction to increase its total earnings for fiscal year 2015 and is set to pay an additional $3 million “subject to certification of the new WheelTug electric taxi system for which ICE provides essential parts.”

Manhattan, Kan.-based ICE will operate within Ultra’s aircraft and vehicle systems division from ICE’s existing facilities.

Video of the Day

Related Articles

Senate Confirms Mara Karlin as DOD Strategy Lead Executive Moves

Senate Confirms Mara Karlin as DOD Strategy Lead

Mara Elizabeth Karlin, principal deputy assistant secretary for international security affairs at the Defense Department, was confirmed by the Senate to serve as DOD’s assistant secretary for strategy, plans and capabilties. Senators approved the nomination by voice vote Monday, following a series of congressional events that took place since the White House announced President Joe

Express Scripts to Manage TRICARE Pharmacy Benefits Under $4.3B DHA Contract News

Express Scripts to Manage TRICARE Pharmacy Benefits Under $4.3B DHA Contract

Express Scripts has secured a potential multi-year $4.3 billion contract to help the Defense Health Agency manage pharmacy benefit-related activities across all 50 states; Washington, D.C; Guam; Puerto Rico; and the Virgin Islands. The company will provide management services in support of the TRICARE Pharmacy Benefit Program, which delivers prescription drugs to beneficiaries through mail

DOD Secretary Lloyd Austin Inks Implementation Plan for Electromagnetic Spectrum Strategy News

DOD Secretary Lloyd Austin Inks Implementation Plan for Electromagnetic Spectrum Strategy

Defense Secretary Lloyd Austin has signed a plan designed to guide the military’s implementation activities aimed at ensuring U.S. electromagnetic spectrum advantage and providing warfighters with “freedom of action” in the EMS. The Department of Defense said Thursday its operations in air, land, maritime, space and cyberspace domains rely on EMS and the 2020 Electromagnetic