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Sparton Terminates Merger Agreement with Ultra Electronics
March 13, 2018 | Sparton Corp.Estimated reading time: 1 minute
Sparton Corp. recently announced the termination by Sparton and Ultra Electronics Holdings plc of their July 7, 2017 merger agreement.
During the review of the proposed merger by the United States Department of Justice (DOJ), the United States Navy expressed the view that instead of the parties proceeding with the merger, each of Sparton and Ultra should enhance its ability to independently develop, produce and sell sonobuoys and over time work toward the elimination of their use of Sparton's and Ultra's ERAPSCO joint venture for such activities. The staff of the DOJ then informed Sparton and Ultra that it intended to recommend that the DOJ block the merger. The parties expected that the DOJ would follow this recommendation and seek an injunction in court to block the merger.
As a result of the view of the Navy and the position of the DOJ, Sparton and Ultra determined that it was in the best interests of the parties to proceed to terminate the merger agreement. Sparton and Ultra also understand that the DOJ intends to open an investigation for purposes of evaluating the parties' ERAPSCO joint venture. Based on historical practice, Sparton anticipates that the Navy will assist in funding Sparton's transition to independently developing, producing and selling sonobuoys.
The Board of Directors of Sparton continues to support Sparton’s management and employees in their implementation of improvements in Sparton’s operations and financial performance, their ongoing conduct of Sparton's business and their focus on delivering superior products and services to Sparton's customers around the world. In addition, as a result of the termination of the merger agreement with Ultra, Sparton will seek to re-engage with parties that previously expressed an interest in acquiring all or a part of Sparton and that are in a position to expeditiously proceed to effect such a transaction. There can be no assurance that any such transaction will occur.
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Sparton Board of Directors Name Trusted Maritime Leader as New President and CEO
02/21/2024 | Sparton Corp.The Sparton Board of Directors has named Donnelly Bohan President & CEO of Sparton. Bohan will join Sparton and assume its leadership on March 4, 2024. She is replacing Tracy Howard who served as the company’s President and Chief Executive Officer since December 2021.
Sparton Received Vendor Status for U.S. Navy Sonobuoy Orders
08/15/2022 | Sparton Corp.Sparton Corporation, an Elbit Systems of America company, announced that it had received a vendor status under the United States Navy’s sonobuoy Multiple Award Delivery Order Contract (MADOC). With MADOC vendor status, Sparton qualifies to compete for annual delivery orders for each sonobuoy variant that may be needed by the service.
Ultra and Sparton JV (ERAPSCO) Awarded $11.6M for U.S. Navy Production Contract
04/19/2022 | Ultra ElectronicsUltra Electronics Holdings plc (ULE) and Sparton DLS, LLC announce the award of a contract valued at $11.6 million to their ERAPSCO joint venture, against the $222 million competitive Indefinite Delivery Indefinite Quantity (IDIQ) production contract for the manufacture of next-generation sonobuoys for the United States Navy.
Sparton’s Bill Toti Retires; Tracy Howard Tapped as Next President & CEO
12/10/2021 | Sparton Corp.Sparton President and Chief Executive Officer Bill Toti has retired after leading the company for three years, including through the company’s transition to Elbit Systems of America during 2021.
Elbit Systems of America Completes Acquisition of Sparton Corporation
04/06/2021 | Sparton Corp.Elbit Systems of America, LLC has completed the acquisition of Sparton Corporation from an affiliate of Cerberus Capital Management, L.P. for $380 million, subject to customary price adjustments, resulting in a significant expansion of Elbit Systems of America in the United States.