Moog Acquires SureFly® Technology
East Aurora, NY – December 11, 2019 – East Aurora, NY – Moog Inc. (NYSE: MOG.A and MOG.B) announced today that the company has completed the purchase of SureFly® assets and intellectual property associated with the hybrid powered vertical takeoff and landing (eVTOL) aircraft and electric propulsion technology from SureFly Inc. and their parent company, Workhorse Group Inc. (NASDAQ: WKHS).
“The SureFly® technology fits nicely into our technology roadmap, enabling us to advance capabilities at a greater pace in areas that influence our offerings to current and future customers in the aircraft, defense and industrial sectors,” said Dave Norman, Director, Innovation and Technology for Moog’s Aircraft Segment. “We are excited by the addition of engineering talent and technology that is focused on enabling safe, effective automation and electrification of vehicles.”
Moog does not anticipate the acquisition of SureFly Inc. to have a material financial impact.
SureFly® is a registered trademark of SureFly Inc., which has been assigned to Moog Inc.
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 about the Company can be found at moog.com and moog.com/surefly
About Workhorse Group Inc.
Workhorse is a technology company focused on providing electric mobility solutions to the transportation sector. As an American original equipment manufacturer, Workhorse designs and builds high performance battery‐electric vehicles including trucks and aircraft. Workhorse also develops cloud-based, real-time telematics performance monitoring systems that are fully integrated with its vehicles and enable fleet operators to optimize energy and route efficiency. All Workhorse vehicles are designed to make the movement of people and goods more efficient and less harmful to the environment. For additional information visit workhorse.com.