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Ultra Electronics Buys MIS, HAP |
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Written by Mike Buetow
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Tuesday, 27 May 2008 |
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BRAINTREE, MA -- Ultra Electronics acquired Magneto Inductive Systems (MIS) and Harris Acoustic Products (HAP) for a combined $29 million in cash plus certain additional fees based on profitability and growth over the next four years.
The HAP acquisition is pending US regulatory approval.
MIS makes magneto inductive guidance, signaling and communications equipment, and will be integrated into Ultra’s Maritime Systems business.
HAP, an engineering and manufacturing company that develops and produces underwater acoustic hydrophones, projectors and related electronics for the US Navy, will be integrated into Ultra’s Ocean Systems business.
Ultra employs 3,100 people in the UK and North America.
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