Ultra Electronics to Acquire Sparton


Reading time ( words)

Sparton Corp. had entered into a merger agreement with Ultra Electronics Holdings plc, pursuant to which Ultra will acquire Sparton for $23.50 per share in cash.

"This transaction is the result of the significant time and effort the company has invested in its previously announced process to explore strategic alternatives, including a potential acquisition of Sparton," said Joseph J. Hartnett, Interim President & Chief Executive Officer of Sparton. "We are pleased to have successfully concluded our process with a transaction that delivers significant value to the shareholders of Sparton."

The Board of Directors of Sparton unanimously approved the transaction. The transaction is subject to customary closing conditions, including regulatory clearances and approval of Sparton's and Ultra's respective shareholders, and is expected to close no later than January 1, 2018.

Additional details regarding the transaction will be set forth in a proxy statement that will be sent by Sparton to its shareholders in advance of the special meeting at which Sparton's shareholders will be asked to approve the transaction.

Wells Fargo Securities LLC and Raymond James & Associates Inc. acted as financial advisors to Sparton. Mayer Brown LLP acted as legal counsel to Sparton.

About Sparton Corp.

Sparton Corp., now in its 117th year, is a provider of complex and sophisticated electromechanical devices with capabilities that include concept development, industrial design, design and manufacturing engineering, production, distribution, field service, and refurbishment. The primary markets served are Medical & Biotechnology, Military & Aerospace, and Industrial & Commercial. Headquartered in Schaumburg, IL, Sparton currently has thirteen manufacturing locations and engineering design centers worldwide. Sparton’s Web site may be accessed here.

Share


Suggested Items

Improving Design, Manufacturing and Assembly Teamwork

01/15/2018 | Syrma Technology
Many electronics manufacturers tend to compartmentalize or "silo" their departments, such as the design team versus assembly-related functions. The relationship between design and manufacturing can too often be disconnected or otherwise poor, which stalls productivity and increases bottom-line costs. By identifying and addressing these gaps, this financial hemorrhage can be reduced, and profitability increased.

Tips & Tricks: Generating Stencil Tooling

12/13/2017 | Ken Horky, Peterson Manufacturing
Many engineers are leaving the editing up to the stencil fabricator these days. From the outside, this may appear as a time saver for process engineers, but considering how many stencil redos have been required and how many processes that have run 'sort of OK,' there's a tremendous amount of scrap and rework that could be saved from just a little more attention paid to stencil tooling.

HDI Considerations: Interview with ACDi's Garret Maxson

11/10/2017 | Stephen Las Marias, I-Connect007
Garret Maxson, manager of engineering services at American Computer Development Inc. (ACDi), discusses the PCB assembly challenges when dealing with high-density interconnect (HDI) boards, parameters to consider, and strategies to help facilitate a smooth assembly process when using HDI boards.



Copyright © 2018 I-Connect007. All rights reserved.