Flash note: Sharpening the focus
Ultra has announced the disposal of its ID cards printer; once completed there will be some modest dilution to earnings but the deal needs to be taken in context. The business is clearly non-core, is highly cyclical and requires regular technological refresh. As such, while the selling price is optically low, this increases Ultra’s capital focus and modestly improves its debt finance metrics. It also sharpens the focus on the core business.Ultra Electronics Holdings is a holding company. Through its subsidiaries, Co. is engaged in the design, development and manufacture of electronic systems for the international defence and aerospace markets. Co. manages a range of capabilities, generating solutions and products in the Defence & Aerospace, Security & Cyber, Transport and Energy markets. Co. is organized into three operating segments – Aerospace & Infrastructure, Communications & Security and Maritime & Land.
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