EAST AURORA, N.Y., 23 March 2013. Moog Inc. (NYSE:MOG.A, NYSE:MOG.B) has acquired Aspen Motion Technologies, a subsidiary of Pentair (NYSE:PNR) in Radford, Va., for roughly $34 million in cash.
"The addition of the Aspen products fills a product and technology gap for our existing customer base," says Larry Ball, president of Moog Components Group. "Their engineering and manufacturing expertise not only brings us new opportunities, but also a number of valued customers that will add to our existing base."
Aspen, founded in 1996, is a designer and manufacturer of high-performance permanent magnet brushless DC motors, integrated digital controls, and motorized impellers for motors. Aspen also specializes in custom motor designs for end product integration and significant product enhancement. Revenues for 2012 were approximately $36 million.
The acquisition is expected to add approximately $20 million for the seven months remaining in Moog's 2013 fiscal year, ending on September 28 and will be neutral to Moog's 2013 earnings per share due to first year purchase accounting adjustments.
Moog Inc., a worldwide designer, manufacturer, and integrator of precision control components and systems, provides high-performance systems that control military and commercial aircraft, satellites and space vehicles, launch vehicles, missiles, wind energy, marine, and medical equipment.