CMC Electronics Sells Military Communications Division
(Montréal, August 19, 2002) CMC Electronics has agreed to sell its Military Communications Division to Ultra Electronics of Greenford, Middlesex, England as part of CMC Electronics’ strategy of divesting certain non-core assets and building a leading aviation electronics, infrared systems and space electronics business. This transaction along with the recent acquisition of Flight Visions Inc., a leading designer, manufacturer and marketer of heads-up-displays and mission computers, are important steps in executing CMC Electronics’ strategy. Proceeds of the sale will be used for further acquisitions and for general corporate purposes. The transaction is expected to be finalized over the next few weeks.
Mr. Jim Close, President and CEO of CMC Electronics, said, “I am pleased to announce that we have signed an agreement with Ultra Electronics to acquire our Military Communications business. We believe this transaction along with the recent acquisition of Flight Visions are important elements in our strategy to focus our business and continue to build a leading aviation electronics, infrared systems and space electronics company.” In discussing the transaction with Ultra Electronics, Mr. Close added, “We have also signed multi-year agreements with Ultra to both supply them with certain critical electronic components and provide them appropriate manufacturing and office space in our Montreal facility in order for them to continue operating the Military Communications business at CMC Electronics’ facility.”
CMC Electronics’ Military Communications Division is a leader in the design, manufacture, sales and support of products and systems for the military communications markets and for over 30 years has provided radio communication solutions for the tactical military environment.
CMC Electronics designs and produces leading technology electronics products for the aviation electronics, infrared sensing, space, global positioning, and marine electronics markets. Its principal locations are in Montreal, Ottawa, Cincinnati, Ohio, and Sugar Grove, Illinois. The company's capabilities are broadened by its subsidiaries NovAtel Inc. in Calgary, Alberta, and Northstar Technologies in Acton, MA.
Contact
Janka Dvornik
Public Relations Manager
CMC Electronics Inc.
Telephone : (514) 748-3113
Fax : (514) 748-3184
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