Moog Inc., a designer, manufacturer and integrator of precision control components and systems based in East Aurora, N.Y., 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 euros in cash paid and the issuance of a 9.5 million euros 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 12 months were 95 million euros.
‘Our aim is to bring Moog's motion control experience to bear the challenges facing today's wind turbine makers and buyers,’ says 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.
SOURCE: Moog Inc.
