Moog Inc., a designer, manufacturer and integrator of precision control components and systems has acquired 70% of the stock of Insensys Ltd. for 11 million British pounds in cash. As part of the transaction, Moog has an option to purchase the remaining 30% within one year. Insensys is a supplier of pitch control and rotor blade monitoring systems for wind turbines.
‘The acquisition of Insensys strengthens our technology product portfolio, domain expertise and relationships with customers in the alternative energy sector,’ says 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.’
This acquisition is expected to be neutral to Moog's earnings per share for the year ending Oct. 3, due to first-year purchase accounting adjustments.
SOURCE: Moog Inc.