East Aurora, NY, Feb. 9, 2009 — Moog Inc. announced that it has acquired 70 percent of the stock of Insensys Ltd., for $16.4 million in cash. As part of the transaction, Moog has an option to purchase the remaining 30 percent within one year. Insensys is a supplier of pitch control and rotor blade monitoring systems for wind turbines. Insensys had 2008 revenues of over $7.7 million.
Pitch control systems are designed to 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 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 designer, manufacturer, and integrator of precision control components and systems.
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