Moog Acquires Crossbow Technologies Inc.
3 June 2011
East Aurora, NY – Moog Inc. (NYSE: MOG.A and MOG.B) announced today that it has acquired Crossbow Technology Inc. Crossbow, headquartered in Milpitas, CA, is a designer and manufacturer of acceleration sensors that are integrated into inertial navigation and guidance systems. The products are used in a variety of aerospace, defense and transportation applications. The purchase price is approximately $32 million, net of Crossbow’s cash balances.
“Crossbow’s innovative use of MEMS (micro-electro-mechanical systems) based technology in their advanced sensing products will complement Moog’s established controls business and allow us to offer more comprehensive solutions to many of our existing customers,” said Warren Johnson, President of Moog’s Aircraft Group.
Crossbow had 2010 revenues of $13 million. The acquisition is expected to add approximately $5 million to Moog’s sales for the remaining four months of the 2011 fiscal year. This acquisition is expected to be neutral to Moog’s earnings per share for the year ending October 1, 2011.
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.