Ultra Electronics Holdings PLC Ultra completes divestment of ID cards business (9539H)
August 24 2016 - 1:00AM
UK Regulatory
TIDMULE
RNS Number : 9539H
Ultra Electronics Holdings PLC
24 August 2016
Embargoed until 0700 24 August 2016
Ultra Electronics Holdings plc
("Ultra" or "the Group")
Ultra completes divestment of ID cards business to LDC
Further to the announcement made on 27 May 2016, Ultra is
pleased to confirm that the divestment of its global ID cards
business to private equity firm LDC, for a cash consideration of
GBP22m, has now received US regulatory approval and the transaction
has been completed.
Following the divestment Ultra Electronics ID will operate as
Magicard Ltd.
- Ends -
Enquiries:
Rakesh Sharma, Chief Executive 020 8813 4307
Amitabh Sharma, Group Finance Director
Susan McErlain, Corporate Affairs Director 07836 522 722
James White, MHP Communications 020 3128 8756
www.ultra-electronics.com
Further information about Ultra:
Ultra Electronics is an internationally successful defence,
security, transport and energy company with a long, consistent
track record of development and growth. The Group manages a
portfolio of specialist capabilities generating innovative
solutions to customer needs. Ultra applies electronic and software
technologies in demanding and critical environments ranging from
military applications, through safety-critical devices in aircraft,
to nuclear controls and sensor measurement. These capabilities have
seen the Group's highly differentiated products contributing to a
large number of platforms and programmes.
Ultra has world-leading positions in many of its specialist
capabilities and, as an independent, non-threatening partner, is
able to support all of the main prime contractors in its sectors.
As a result of such positioning, Ultra's systems, equipment or
services are often mission or safety-critical to the successful
operation of the platform to which they contribute. In turn, this
mission-criticality secures Ultra's positions for the long term
which underpins the superior financial performance of the
Group.
Ultra offers support to its customers through the design,
delivery and support phases of a programme. Ultra businesses have a
high degree of operational autonomy where the local management
teams are empowered to devise and implement competitive strategies
that reflect their expertise in their specific niches. The Group
has a small head office and executive team that provide to the
individual businesses the same agile, responsive support that they
provide to customers as well as formulating Ultra's overarching,
corporate strategy
Across the Group's three divisions, Ultra operates in the
following eight market segments:
* Land
* Aerospace
* Maritime
* Communications
* Nuclear
* C2ISR
* Infrastructure * Underwater Warfare
This information is provided by RNS
The company news service from the London Stock Exchange
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