MOOG PRICES PUBLIC STOCK OFFERING

Main Menu | News By Date | News By Supplier | News By Category | About Us

MOOG PRICES PUBLIC STOCK OFFERING
15 November 2001 - Moog Controls

Moog Inc. announced today that it has priced its previously announced offering of Class A shares at $21.00 per share. The offering consists of 1,980,000 new shares sold by the company and 20,000 existing shares sold by the Seneca Foods Foundation. The underwriters may also purchase up to an additional 300,000 shares to cover over-allotments. The offering is managed by Merrill Lynch & Co., Credit Suisse First Boston, and SG Cowen & Company and is scheduled to close on November 20, 2001.

The proceeds to Moog, net of underwriter's commissions and expenses, will total approximately $38.9 million before consideration of the over-allotment and will be used to reduce the company's indebtedness and for general corporate purposes. The company will not receive any of the proceeds from the 20,000 shares offered by the selling shareholder, Seneca Foods Foundation.

Including the effects of this offering, Fiscal 2002 EPS are expected to be approximately $2.16 before extraordinary charges and before applying the provisions of SFAS 142, 'Goodwill and Other Intangible Assets' which the company expects to adopt this quarter.

Moog Inc. is a worldwide manufacturer of precision control components and systems. Moog's high-performance actuation products control commercial and military aircraft, satellites and space vehicles, launch vehicles, missiles and automated industrial machinery.

A copy of the prospectus relating to the proposed offering may be obtained from Merrill Lynch, 4 World Financial Center, North Tower, New York, NY 10281-1200, Credit Suisse First Boston, Eleven Madison Avenue, New York, NY 10010, and SG Cowen & Company, One Financial Square, New York, NY 10005.

http://www.moog.co.uk

About: Moog Controls
Moog Controls started life in the UK in October 1965 as Moog Hydra-Point, based in Cheltenham, England. This new subsidiary was set up to manufacture and market the Moog Hydra-Point machines in the UK, South Africa and European common market.

Nearly 40 years later, not only does MCL manufacture a suite of products for motion control applications, they are also active in the design and development of new and innovative solutions for precision control problems. Our team of highly skilled engineers can provide project support to assist our customers in the performance of a wide variety of applications including, motion simulators for training and entertainment, industrial gas turbine controls, plastics machinery controls, heavy industry, metal forming & pressing, and commercial and military ground vehicle controls.

All Moog subsidiaries are represented by regional sales engineers backed by comprehensive product and engineering support teams. Add to this the global presence of Moog and you are ensured a competent partner to deliver and service you and your customers needs.

MCL employs over 270 people on its Tewkesbury site, accommodated in 3 buildings, producing over 21,500 servovalves per annum.

More News:
  • For November 2001
  • From Moog Controls
  • For Drives and Controls