SCHAUMBURG, IL -- A top Sparton executive says the EMS firm has looked at "many" potential acquisitions but hasn't found the right ones.

On a conference call Wednesday with analysts, chief financial officer Greg Slome said, "We have looked at a great many opportunities and we've walked away from many, many of those either because they weren't the right situation or circumstances to complement our business. The prices and the terms and circumstances just weren't advantageous.

Sparton recently acquired the medical manufacturing business of Delphi, a deal which cost $7.8 million but which is expected to add $32 million in projected annual revenue.

"[We're] still dealing with a bit of the overhang effect of this company’s transformation, but certainly not a failed effort on our part with the diligence we're putting to it. I think it's just a matter of time to see how all these things play out, but we're heavily involved in M&A targets. We'll just have to see how those things fall in our lap."

Sparton previously set a revenue target of $500 million by 2015, a figure most analysts think would require more than just organic growth to reach. Sparton recorded sales of $173 million for the four quarters ended Sept. 30.