Posted to News on 9th Jun 2009, 10:26
Moog completes acquisition of Lti REEnergy GmbH
Moog has acquired the remaining 60 per cent ownership of the wind energy business of Lti REEnergy GmbH in Unna, Germany and Shanghai, China. The consideration was EUR12million in cash paid and the issuance of a EUR9.5million 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 EUR95million.
Steve Huckvale, President of Moog's Industrial Systems Group, says: "Our aim is to bring Moog's motion control experience to bear on the challenges facing today's wind turbine makers and buyers. 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 the 2009 fiscal year of $60million were included in previously forecast 2009 fiscal year guidance. The acquisition will be reported as part of the Industrial Systems segment.
