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Moog Acquires Fernau Avionics Limited
2 March 2009East Aurora, NY, Moog Inc. (NYSE: MOGA and MOGB) announced today that it has completed the acquisition of Fernau Avionics Ltd., a U.K. based company, for approximately £32 million in cash. Fernau is a leading supplier of ground-based air navigation systems for military, naval and civil aviation. Fernau had 2008 revenues of £15.7 million.
Ground based air navigation systems transmit signals that are used to calculate bearing and range information to aid pilot navigation. These systems are part of a larger classification often referred to as “navigation aids.”
“This acquisition complements our present navigation aids business in the U.S.,” said Warren Johnson, President of Moog’s Aircraft Group. "Fernau, with a robust portfolio of products and services, significantly expands our capabilities in this market and extends our customer base throughout Europe and Asia.”
Fernau is expected to add £11.7 million to Moog’s sales for the remaining seven months of the 2009 fiscal year. As a result of first year purchase accounting adjustments the acquisition will be neutral to previously forecasted fiscal year 2009 earnings per share. The acquisition will be reported as part of the Aircraft Controls segment.
Moog Inc. is a worldwide designer, manufacturer, and integrator of precision control components and systems. Moog’s high-performance systems control military and commercial aircraft, satellites and space vehicles, launch vehicles, missiles, automated industrial machinery, marine and medical equipment. Additional information can be found at www.moog.com.
