Feb 1 2009
Moog Inc. (NYSE: MOG.A and MOG.B) announced today that it has acquired 70percent of the stock of Insensys Ltd. For 11 million pounds Sterling in cash. As part of the transaction, Moog has an option to purchase the remaining 30% within one year. Insensys is a leading supplier of pitch control and rotor blade monitoring systems for wind turbines. Insensys had 2008 revenues of 5.2 million pounds.
Pitch control systems adjust the angle of blades to control load and improve the efficiency of the turbine. Precise monitoring extends the turbine's life, improves safety and reduces maintenance costs.
"The acquisition of Insensys strengthens our technology product portfolio, domain expertise and relationships with customers in the alternative energy sector," said Steve Huckvale, President of Moog's International Group. "The use of real-time data improves turbine performance and lowers a wind turbine's total cost of ownership. Fiber optic sensing systems from Insensys add advanced measurement capabilities and data intelligence that will be a differentiator for turbine manufacturers, blade manufacturers and wind park operators."
Sales for Insensys will be approximately 7 million pounds for the balance of Moog's 2009 fiscal year. This acquisition is expected to be neutral to Moog's earnings per share for the year ending October 3, 2009 due to first year purchase accounting adjustments.
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 can be found at www.moog.com.