11:30am Thursday 26th August 2010
By Gareth Lewis
SATELLITE to submarine electronics manufacturer Extec Integrated Systems, which is based in Hampshire, has been sold in a £3m deal.
The takeover by submarine sonar maker Ultra Electronics Holdings sees the Portchester firm’s three founders – Chris Warne, Frank Bellion and Doug Errington – realise hefty pay days.
The trio, who set up the business in 1986 and steered it to become an internationally respected microelectronics name, remain its three main shareholders and directors.
Experts from Hampshire’s Coffin Mew law firm advised Extec on the deal.
A spokesman for Ultra said that no redundancies are expected.
He said: “This is a fantastic deal for both Ultra and Extec.
“Extec’s operations fit perfectly with Ultra’s stated aims in the defence electronics and nuclear sectors.”
Extec’s brand of nearly indestructible circuit boards are used today in everything from aircraft, cars and satellites to medical equipment, radios and even beer pumps.
It now becomes part of the Manufacturing Card Systems division of Ultra, a FTSE 250 firm based in Middlesex, which reported a turnover of £351m and profits of £51m for the six months to the start of July.
© Copyright 2001-2012 Newsquest Media Group
http://www.dailyecho.co.uk/trade_directory/