Ultra Electronics Acquires Specialist US Electronic Component Company
In June, Ultra Electronics Holding plc announced that it had agreed to acquire the power conversion business operated by RFI Corp. (RFI), a wholly-owned subsidiary of DGT Holdings Corp. (DGT), for a cash consideration of $12.5m (subject to a potential working capital adjustment). The transaction was subject to the approval of at least two-thirds of the outstanding shares of common stock of DGT.
Ultra now announces that DGT’s shareholders have approved the deal and the transaction has been closed.
RFI is an established manufacturer of proprietary, high-voltage, power conversion subsystems including electronic filters, high voltage capacitors, pulse modulators, transformers and inductors, and a variety of other products designed for industrial, medical, military and other commercial applications. It is located on Long Island, New York, USA, close to Ultra’s EMS Development Corp., part of the Group’s Information & Power Systems division, and will be integrated into the EMS business in 2012.
Rakesh Sharma, Chief Executive of Ultra, commented; "I am pleased that we have acquired RFI. It has strong market and technical synergies with EMS with which it will be combined to the benefit of both businesses."
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