May 8, 2014
Manhattan-based university startup ICE Corporation Inc. acquired in multimillion deal
A British global systems developer recently purchased a Manhattan-based company that began in a dorm room at Kansas State University.
The Integrated Circuit Electronics Corporation Inc., or ICE, was purchased by Ultra Electronics Holdings for $8.6 million on May 2. ICE is an aerospace engineering company. It designs, manufacturers and tests aerospace products, including motor control electronics, electrothermal ice protection controllers and pneumatic valve controls. Ultra Electronics serves the defense, security, transport and energy industries. The company is listed on the London Stock Exchange.
ICE has deep roots in K-State, said Randy O'Boyle, president and CEO of ICE. The company was created in 1973 by K-State students in their dorm room. Throughout the years, the company grew with strategic investments from the City of Manhattan, Kansas State University, Manhattan Chamber of Commerce, private investments and the Kansas State University Institute for Commercialization.
"ICE is a wonderful success story," said Kirk Schulz, university president. "The fact that the company was started in a dorm room at K-State and has grown to have an international footprint is a testament to the level of ingenuity and talent in Manhattan. It also speaks to the strategic investments and close working relations between the City of Manhattan and K-State. We anticipate future success of this nature as K-State moves forward to becoming a Top 50 public research university by 2025."
ICE has 53 full-time and 15 part-time employees, as well as eight student interns. All but one of the 14 engineers are K-State graduates.
The company is currently expanding its facility at Amherst Avenue with a 4,500-square-foot addition. This will double ICE's production space.
ICE's clientele include CessnaAircraft Company, Meggitt and Parker Hannifin Corporation.