MOOG COMPLETES INVESTMENT IN WIND ENERGY BUSINESS
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2nd June 2009 - East Aurora, NY, Moog Inc. (NYSE: MOG.A and MOG.B) announced today that it has acquired the remaining 60% ownership of the wind energy business of Lti REEnergy GmbH in Unna, Germany and Shanghai, China. The consideration was €12 million in cash paid and the issuance of a €9.5 million note payable in February 2010. The company produces electric servo controllers and complete drive systems that position rotor blades on wind turbines. Sales for the past twelve months were €95 million.
“Our aim is to bring Moog’s motion control experience to bear on the challenges facing today’s wind turbine makers and buyers,” said Steve Huckvale, President of Moog’s Industrial Systems Group. “Our strategy is to advance the design of the wind industry’s motion controls by creating new, high-performance solutions ranging from pitch control to rotor monitoring."
Projected sales for these products for the last four months of fiscal 2009 of $60 million were included in previously forecasted fiscal year 2009 guidance. The acquisition will be reported as part of the Industrial Systems segment. Moog Inc. is a worldwide designer, manufacturer and integrator of precision control components and systems. Moog’s high-performance systems control military and commercial aircraft, satellites and space vehicles, launch vehicles, missiles, automated industrial machinery, marine and medical equipment.
Additional information about the company can be found at www.moog.com.
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