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Ultra Electronics, a group of UK and US technology businesses that design, manufacture and support electronic and electromechanical systems, sub-systems and products has acquired two North American companies: Magneto Inductive Systems (MIS) and Harris Acoustic Products (HAP).

MIS has been purchased for an initial payment of $22 million (£11 million) with an additional minority share of incremental profits over the current level to be paid to the vendors if certain growth targets are met over the next four years. 

MIS, which makes magneto inductive guidance, signaling and communications equipment, will be integrated into Ultra’s existing Maritime Systems business in Halifax, Nova Scotia, which employs 50 people in Canada and at its production facility in San Bernardino, California.

HAP, an engineering and manufacturing company that develops and produces underwater acoustic hydrophones, projectors and related electronics for the US Navy, was acquired for an initial $7 million (£3.5 million). The deal was subject to a US regulatory review and approvals.

The company will be integrated into Ultra’s existing Ocean Systems business in Braintree, Massachusetts, which also specialises in underwater acoustic sensors and systems.

The HAP deal was financed using Ultra’s existing debts and is expected to be earnings neutral this year after integration and finance costs.

Ultra employs 3,100 people in the UK and North America and concentrates on niche markets.

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