Reading time ( words)
Ultra announces that it has acquired Furnace Parts LLC for a cash consideration of $12m from Takoda Group LLC.
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. The acquisition will extend Ultra's specialist temperature sensing capabilities in both US and international markets.
The acquisition of Furnace Parts will be financed using Ultra's existing facilities and it is expected that the full accretion of earnings will occur during 2016. The company has 28 employees based in Cleveland, Ohio. The business will be integrated into Ultra's Nuclear Sensors & Process Instrumentation business based in Round Rock, Texas within Ultra's Aerospace and Infrastructure Division.
"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," says Rakesh Sharma, Chief Executive.