Ultra Electronics has acquired the US business Adaptive Materials for £18.1 million.
Defence supplier Ultra Electronics has acquired the US fuel cell business Adaptive Materials for up to $28 million (£18.1 million).
An initial payment of $23 million will be followed by a deferred performance-related sum of up to $5 million.
Upon completion of the deal, Adaptive Materials will continue to operate from its existing facilities. Phil Evans, managing director of Ultra’s Aircraft & Vehicle Systems division, will take responsibility for the business.
Adaptive Materials designs and produces portable electrical fuel cells for both leisure and military markets, and counts NASA among its customers. The company, which currently employs 50 staff, was acquired from its founders Aaron and Michelle Crumm.
Middlesex-based Ultra Electronics produces electronic devices and instrumentation for companies in the defence and energy sectors, including BAE Systems and Boeing. The company is composed of three divisions: Aircraft & Vehicle Systems, Information & Power Systems and Tactical & Sonar Systems.