Moog Acquires Bradford Engineering B.V.
(Thomson Reuters ONE) -
EAST AURORA, NY--(Marketwire - December 16, 2011) - Moog Inc. (NYSE:MOG.A)
(NYSE: MOG.B) announced today that it has acquired Bradford Engineering B.V. The
purchase price is approximately EUR 10 million in cash. Bradford, founded in
1983, is a European developer and manufacturer of satellite equipment including
satellite attitude and orbit control subsystems, propulsion and thermal
subsystems and components.
"Bradford Engineering complements our existing European spacecraft components
business. We believe there is a strong demand for their products in the U.S. and
we will now have an established manufacturing base for space components in
Europe," said Jay Hennig, President of Moog's Space and Defense Group.
Sales for Bradford are expected to be approximately EUR 8 million for the
balance of Moog's 2012 fiscal year. This acquisition is expected to be neutral
to Moog's earnings per share for the year ending September 29, 2012 after
consideration of first year purchase accounting adjustments.
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.
Cautionary Statement
Information included or incorporated by reference herein that does not consist
of historical facts, including statements accompanied by or containing words
such as "may," "will," "should," "believes," "expects," "expected," "intends,"
"plans," "projects," "approximate," "estimates," "predicts," "potential,"
"outlook," "forecast," "anticipates," "presume" and "assume," are forward-
looking statements. Such forward-looking statements are made pursuant to the
safe harbor provisions of the Private Securities Litigation Reform Act of 1995.
These statements are not guarantees of future performance and are subject to
several factors, risks and uncertainties, the impact or occurrence of which
could cause actual results to differ materially from the results described in
the forward-looking statements. These important factors, risks and uncertainties
include:
i. fluctuations in general business cycles for commercial aircraft, military
aircraft, space and defense products, industrial capital goods and medical
devices;
ii. our dependence on government contracts that may not be fully funded or may
be terminated;
iii. our dependence on certain major customers, such as The Boeing Company and
Lockheed Martin, for a significant percentage of our sales;
iv. delays by our customers in the timing of introducing new products, which may
affect our earnings and cash flow;
v. the possibility that the demand for our products may be reduced if we are
unable to adapt to technological change;
vi. intense competition, which may require us to lower prices or offer more
favorable terms of sale;
vii. our indebtedness, which could limit our operational and financial
flexibility;
viii. the possibility that new product and research and development efforts may
not be successful, which could reduce our sales and profits;
ix. increased cash funding requirements for pension plans, which could occur in
future years based on assumptions used for our defined benefit pension plans,
including returns on plan assets and discount rates;
x. a write-off of all or part of our goodwill or intangible assets, which could
adversely affect our operating results and net worth;
xi. the potential for substantial fines and penalties or suspension or debarment
from future contracts in the event we do not comply with regulations relating to
defense industry contracting;
xii. the potential for cost overruns on development jobs and fixed-price
contracts and the risk that actual results may differ from estimates used in
contract accounting;
xiii. the possibility that our subcontractors may fail to perform their
contractual obligations, which may adversely affect our contract performance and
our ability to obtain future business;
xiv. our ability to successfully identify and consummate acquisitions, and
integrate the acquired businesses and the risks associated with acquisitions,
including that the acquired businesses do not perform in accordance with our
expectations, and that we assume unknown liabilities in connection with acquired
businesses for which we are not indemnified, all of which risks are present in
the Animatics acquisition;
xv. our dependence on our management team and key personnel;
xvi. the possibility of a catastrophic loss of one or more of our manufacturing
facilities;
xvii. the possibility that future terror attacks, war or other civil
disturbances could negatively impact our business;
xviii. that our operations in foreign countries could expose us to political
risks and adverse changes in local, legal, tax and regulatory schemes;
xix. the possibility that government regulation could limit our ability to sell
our products outside the United States;
xx. product quality or patient safety issues with respect to our medical devices
business that could lead to product recalls, withdrawal from certain markets,
delays in the introduction of new products, sanctions, litigation, declining
sales or actions of regulatory bodies and government authorities;
xxi. the impact of product liability claims related to our products used in
applications where failure can result in significant property damage, injury or
death and in damage to our reputation;
xxii. changes in medical reimbursement rates of insurers to medical service
providers, which could affect sales of our medical products;
xxiii. the possibility that litigation results may be unfavorable to us;
xxiv. our ability to adequately enforce our intellectual property rights and the
possibility that third parties will assert intellectual property rights that
prevent or restrict our ability to manufacture, sell, distribute or use our
products or technology;
xxv. foreign currency fluctuations in those countries in which we do business
and other risks associated with international operations;
xxvi. the cost of compliance with environmental laws;
xxvii. the risk of losses resulting from maintaining significant amounts of cash
and cash equivalents at financial institutions that are in excess of amounts
insured by governments;
xxviii. our ability to meet the restrictive covenants under our credit
facilities since a breach of any of these covenants could result in a default
under our credit agreements; and our customers' inability to continue operations
or to pay us due to adverse economic conditions or their inability to access
available credit.
Contact
Ann Marie Luhr
716-687-4225
This announcement is distributed by Thomson Reuters on behalf of
Thomson Reuters clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: Moog Inc. via Thomson Reuters ONE
[HUG#1571934]
Unternehmensinformation / Kurzprofil:
Datum: 16.12.2011 - 14:30 Uhr
Sprache: Deutsch
News-ID 97921
Anzahl Zeichen: 8090
contact information:
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