Ultra Electronics expands nuclear capacity with Lab Impex Systems

FTSE 250-listed Ultra Electronics announced that it has acquired nuclear services firm Lab Impex Systems (LIS) for £3.2m in cash from private investors.Ultra Chief Executive Rakesh Sharma said: "This acquisition extends Ultra's capabilities in the nuclear sector and provides further momentum for our international growth."LIS develops and supplies radiation measurement solutions and services for use within the nuclear industry, the defence contractor explained in a company statement.The acquisition boosts Ultra's radiation monitoring product capabilities and strengthens its nuclear qualified engineering expertise plus Ultra's position within the global nuclear sector, the group added. The acquisition will be financed through Ultra's existing facilities and it is expected that the acquisition will be earnings enhancing by 2015. LIS, which has office across the UK and in Tennessee, US, will be integrated into Ultra's Nuclear Control Systems business based in Wimborne, Dorset within Ultra's Infrastructure & Power Division, Ultra confirmed.Separately, Ultra recently announced its Nuclear Control Systems business has won a £12.9m contract from EDF Energy to manufacture and supply nuclear reactor instrumentation.CJ