Moog Announces Intention To Acquire

EAST AURORA, N.Y., Sept. 4 /PRNewswire-FirstCall/ -- Moog Inc. (NYSE: MOG.A - News and MOG.B - News) announced today that it is in discussions with GE Aviation Systems, an operating unit of General Electric Company (GE), to purchase its flight control actuation product line located in Wolverhampton in the U.K. GE acquired this business as part of its acquisition of Smiths Aerospace in May of 2007.
The Wolverhampton operation designs and manufactures primary and secondary flight control actuation for a number of commercial and military programs. It supplies high-lift actuation systems for the Boeing 777 and 787 and the Airbus A330 and A380. Wolverhampton also provides primary flight controls for the European fighter, Typhoon, and a main engine lift system for the Rolls-Royce engine on the STOVL version of the U.S. Joint Strike Fighter. The Wolverhampton product line would be complementary to Moog's Aircraft Controls Segment. Wolverhampton sales for the calendar year 2008 were approximately $100 million. Moog's Aircraft Segment is projecting fiscal 2009 sales of $652 million. Moog's total sales for fiscal 2009 are projected at just over $1.8 billion.
Moog and GE have initiated the applicable regulatory filings and expect to sign a definitive purchase agreement very shortly. The transaction is subject to receipt of applicable regulatory approvals and customary closing conditions. Moog has sufficient cash on hand and availability under its revolving credit facility to finance the acquisition.
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, wind energy, marine and medical equipment. Additional information about the company can be found at www.moog.com.