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Swami Iyer Appointed CEO of Israel Aerospace Industries’ US Subsidiary

Swami Iyer, formerly president of Ultra Electronics‘ 3eTI subsidiary, has joined Israel Aerospace Industries‘ U.S. subsidiary as CEO. The two-decade industry veteran will lead operations of IAI North America and its subsidiaries that include Stark and ELTA North America, the aerospace company said Monday. Iyer previously served as vice president of …

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Ultra Electronics, Sparton Call Off Merger

Schaumburg, Illinois-based military electronics manufacturer Sparton (NYSE: SPA) and U.K.-based defense contractor Ultra Electronics have decided to abandon their $234 million merger agreement because of antitrust concerns from the Justice Department. Sparton said Monday it plans to resume negotiations with parties that previously showed interest in an acquisition deal and can immediately execute …

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6 Companies Form Team to Pursue Canadian Surface Combatant Procurement Contract

TYSONS CORNER, VA, Nov. 30, 2017 — BAE Systems, CAE, L3 Technologies (NYSE: LLL), Lockheed Martin (NYSE: LMT), Maxar Technologies (NYSE: MAXR) and Ultra Electronics have teamed up in a bid to develop Canada’s future surface combatant vessels, ExecutiveBiz reported Wednesday. Lockheed said Tuesday the group called “Canada’s Combat Ship Team” has offered …

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Foreign Investment Committee Completes Ultra Electronics-Sparton Transaction Review

The Committee on Foreign Investment in the U.S. has finalized its review of the proposed acquisition of Schaumburg, Illinois-based electromechanical technology company Sparton (NYSE: SPA) by U.K.-based defense and aerospace contractor Ultra Electronics. Ultra said Monday it signed a timing agreement with the Justice Department and that the deal is still subject to antitrust …

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ERAPSCO Awarded $220M Navy Sonobuoy Contract Modification

ERAPSCO has received a three-year, $219.8 million contract modification to manufacture 166,500 signal underwater sound sonobuoys for U.S. Navy anti-submarine warfare missions. The Defense Department said Tuesday the company will supply AN/SSQ 36, AN/SSQ-53, AN/SSQ-62, AN/SSQ-101, AN/SSQ-125 and MK-84 sonobuoy units to the service branch. Contract work will occur in Florida and Indiana …

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General Atomics Expands Industry Team to Address Australian RPA Requirement

TYSONS CORNER, VA, Sept. 8, 2017 — A General Atomics business unit has added five more industry partners to support work on an Australian government project that aims to develop a medium-altitude, long-endurance remotely piloted aircraft, ExecutiveBiz reported Thursday. The company said Wednesday the new members of the General Atomics Aeronautical Systems-led Team Reaper …

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Ultra Electronics Agrees to Purchase Sparton

U.K.-based defense and aerospace equipment manufacturer Ultra Electronics has agreed to acquire Schaumburg, Illinois-based electromechanical technology provider Sparton  (NYSE: SPA). Sparton said Friday the transaction is valued at $23.50 per share and that it expects to complete the sale by Jan. 1, 2018. Joseph Hartnett, interim president and CEO of Sparton, said the deal …

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ERAPSCO Secures $65M Navy Sonobuoy Production Funds

ERAPSCO, a joint venture between Ultra Electronics and Sparton (NYSE: SPA), has been awarded $64.6 million in contract funds to continue manufacturing sonobuoys for the U.S. Navy. The Ultra Electronics USSI and Sparton De Leon Springs businesses will respectively receive $29.3 million and $35.3 million subcontracts as part of the GFY17 ERAPSCO indefinite-delivery, indefinite-quantity contract, …

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Navy Exercises $204M Option on ERAPSCO Sonobuoy Procurement Contract

ERAPSCO, a joint venture of Sparton Corp. (NYSE: SPA) and Ultra Electronics, has received a $203.7 million contract modification to produce additional sonobuoys for the U.S. Navy. The modification exercises an option on a previously awarded indefinite-delivery/indefinite-quantity contract and covers the procurement of up to 6, 000 AN/SSQ-36, 95, 000 AN/SSQ-53, 15, 500 …

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Ultra Electronics Closes Buy of Kratos’ US, UK Electronic Products Business

British manufacturing conglomerate Ultra Electronics Holdings has completed its purchase of Kratos Defense & Security Solutions‘ (Nasdaq: KTOS) U.S. and U.K. electronic products business for $260 million in cash and $5 million in taxes incurred. Kratos said Monday its net cash proceeds from the transaction are $232.4 million after a $2 million escrow for purchase price adjustments, a $7.6 million working capital …

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