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06/19/2008 07:05 AM
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Moog Invests In Wind Energy Business
SustainableBusiness.com News
Moog Inc. (NYSE: MOG.A; MOG.B ) announced that it has acquired 40% ownership of LTi REEnergy GmbH of Unna, Germany for 18 million euros (approximately $28 million) from available cash balances. The company expects to acquire the remaining 60% in twelve months subject to conventional conditions of closing.
LTi REEnergy specializes in the design and manufacture of servo controllers as well as complete drive systems for electric rotor blade controls for wind turbines. Sales for the past twelve months were 55 million eros (approximately $85 million).
"LTi REEnergy is a clear market leader, having delivered over 7,500 wind turbine systems and components worldwide," said Dr. Steve Huckvale, President of the Industrial Systems Group of Moog. "This is a great match of LTi's competencies and Moog's global reach to support the growing wind energy market."
The investment will be accounted for under the equity method and, accordingly, the company will record 40% of the earnings of LTi REEnergy in Moog's Industrial Systems segment. As a result of this investment, Moog increased its forecasted earnings per share by $0.01, to $2.72, in fiscal year 2008.
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.
Website: http://www.moog.com
