Ultra Electronics buys Furnace Parts for $12m

Ultra Electronics has acquired Furnace Parts from Takoda Group for a cash consideration of $12m.

The electronics and software technology company said the acquisition will extend its specialist temperature sensing capabilities in both US and international markets.

Furnace Parts is a developer and supplier of thermocouple-based temperature sensors for high performance and demanding applications in the nuclear and process control sectors.

Ultra said the deal will be financed using its existing facilities and it is expected that the full accretion of earnings will occur during 2016.

It said the business, which has 28 employees based in Cleveland, Ohio, will be integrated into Ultra's Nuclear Sensors & Process Instrumentation business based in Round Rock, Texas within Ultra's Aerospace and Infrastructure Division.

Chief Executive Rakesh Sharma said: "I am pleased that we have been able to bring Furnace Parts into the group as a part of our Nuclear Sensors & Process Instrumentation business. Furnace Parts brings complementary capabilities and products in support of Ultra's continued growth in the sector.”