Irving, TX – January 7, 2011 – EF Johnson Technologies, Inc. today announced that it has entered into a definitive agreement with Ultra Electronic Holdings plc (“Ultra”) whereby Ultra will acquire 3e Technologies International Inc. (“3eTI”) from EFJohnson. Ultra, a public limited company formed under the laws of England and Wales and traded on the London Stock Exchange, will make the acquisition through its indirect, wholly owned subsidiary, Ultra Electronics Defense International, Inc. (“UEDI”), a Delaware corporation. Subject to customary regulatory approvals and closing conditions, Ultra and 3eTI expect the transaction to close in the first quarter of 2011.
Speaking on behalf of EFJohnson Technologies, Norman Stout, Chairman of the Board of Directors, stated, “Ultra is a great fit for 3eTI. Its expertise in defense electronics will enable broader growth opportunities for 3eTI and enhance Ultra’s technology portfolio.”
“We are excited to be joining the Ultra team,” said Olugbenga (Benga) Erinle, President of 3eTI. “As a leading provider of secure wireless products and solutions to the US government and the industrial process solutions markets, we expect to broaden our success and grow the business under the Ultra umbrella.”
With this transaction, Ultra will expand its business to include 3eTI’s secure wireless broadband products and solutions for government, industrial, and smart grid markets. 3eTI will operate as an entity under the UEDI Special Security Agreement (“SSA”) with its parent entities and the Defense Security Service in accordance with the National Industrial Security Program Operating Manual. UEDI, a holding company, is the parent company of several entities cleared at the Top Secret level. 3eTI holds a Secret level facility security clearance and will continue to perform on its classified contracts pursuant to the UEDI SSA following completion of the transaction.
“We are very pleased to welcome the employees of 3eTI into the Ultra Electronics family,” said Rakesh Sharma, Ultra’s Chief Operating Officer. “3eTI will continue to operate from its existing facilities as a bolt-on acquisition, reporting to Alan Barker, President of Ultra’s Tactical Systems division. This acquisition adds 3eTI’s highly differentiated range of solutions to Ultra’s portfolio of specialist capabilities in the areas of secure networking, communication and cyber security. 3eTI complements Ultra’s existing strengths in software defined radios, communication systems and electronic warfare systems and enhances Ultra’s market positions for border security and base protection.”
About Ultra: Ultra plc and its subsidiaries (collectively, “Ultra Electronics”) is an international group of businesses specializing in the design, manufacture, and support of electronic and electro-mechanical products and software systems for international defense, security, transport and energy markets. The group has over 45 years of experience as a supplier of technically advanced products for civil and military applications. Ultra Electronics employs more than 4,000 people and its products are installed in a wide range of civil and military aircraft, ships, submarines, armored vehicles, surveillance and communication systems, airports, and transport systems. Ultra Electronics supplies to prime contractors, system integrators, and end-users. The principal businesses of Ultra Electronics include Tactical Systems, which specializes in advanced communications products; Sonar Systems which focuses on underwater communications and underwater defense systems; Aircraft & Vehicle Systems, which designs and manufactures a range of advanced technology products for aircraft and land vehicles; and Information & Power Systems, which offers information technology services and surveillance systems for military applications and airports. Ultra’s website address is http://www.ultra-electronics.com.
About 3eTI: 3eTI is a leading provider of secure wireless networking products and solutions for the military, government, industrial, and smart grid markets. Its product portfolio includes secure WLAN and wireless mesh networks, sensor networks, cyber security technologies, and wireless perimeter security solutions. 3eTI’s technologies are deployed for a range of applications, including military base security, onboard military ship communications, rapidly deployable public safety communications, and advanced metering infrastructure for smart grid programs. The company’s technology is used by the U.S. Department of Defense, foreign governmental agencies, and commercial customers. 3eTI’s website address is http://www.3eti.com.