Ontic buys product lines from Ultra Electronics
OEM and Maintenance, Repair and Operations (MRO) service provider, Ontic, has signed an asset purchase agreement for various product lines from Ultra Precision Control Systems (Ultra PCS) in the UK.
The acquisition covers five distinct product categories comprising of Legacy Electronics, Aircraft Lighting, Commodity Harnessing, Engine Terminal Blocks and Rail Barrier Systems. The products will transition from two Ultra PCS sites into Ontic’s existing UK footprint.
“Ontic is pleased to sign this agreement with Ultra supporting their future strategic plan, enabling Ultra to focus upon their core growth technologies. The acquisition by Ontic, the fourth deal with Ultra, will ensure that the products, the highly skilled jobs, and the supply chain remain in the U.K. protecting the end customers and ensuring an efficient transition,” says Gareth Hall, Chief Executive Officer of Ontic, in a press release.
Simon Pryce, Chief Executive of Ultra, adds: "These disposals are in line with our Ultra strategy to focus on our core capabilities and markets where Ultra has specific expertise and knowledge. As such, these technologies will be better developed under Ontic’s new ownership. We’d like to thank the Ultra employees involved in these product lines for their contribution to Ultra and wish them and the business every success in the future with Ontic.”
No further details regarding the transaction have been released.