Ultra Electronics has acquired Lab Impex Systems Ltd ("LIS") for a cash consideration of £3.2m, from private investors which include the original founder.
LIS is a developer and supplier of radiation measurement solutions and services for use within the nuclear industry. LIS provides systems engineering, installation and support of full environmental radiation monitoring systems, including alpha, beta, gamma radiation and associated safety systems. The acquisition extends Ultra's radiation monitoring product capabilities, strengthens thegroup's nuclear qualified engineering expertise and Ultra's position within the global nuclear sector.
The acquisition of LIS will be financed using Ultra's existing facilities and it is expected that the full accretion of earnings will occur during 2015. The company has 58 employees located in Poole, Dorset and Sellafield, Cumbria in the UK and in Tennessee, US. The business will be integrated into Ultra's Nuclear Control Systems business based in Wimborne, Dorset within Ultra's Infrastructure & Power Division.
Rakesh Sharma, Chief Executive of Ultra, commented: "I am pleased that we have been able to bring LIS into the Group as a part of our Nuclear Control Systems business. This acquisition extends Ultra's capabilities in the nuclear sector and provides further momentum for our international growth."
Ultra is a supplier of nuclear qualified instrumentation and control systems to key nuclear plant manufacturers and operators around the world. It currently supplies safety based equipment to 186 reactors in 16 countries. In June, it won a £13 million contract to manufacture and support safety-critical nuclear reactor instrumentation for use in EDF Energy's current UK nuclear power stations.
Photograph: In 2011, Lab Impex Systems signed an intellectual property licensing deal with the UK's Atomic Weapons Establishment to develop new equipment designed for monitoring radioactive particles in the air.