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SPACE PRODUCTS FROM TECSTAR ACQUIRED BY MOOG
26 October 2001 - Moog Controls
| Moog Inc. announced today that it has acquired the assets associated with the Satellite and Space Vehicle product lines of the Electro Systems Division of Tecstar, Inc. Tecstar's Electro Systems Division, headquartered in Durham, North Carolina, is a manufacturer of electromechanical equipment for aircraft and spacecraft. ESD was formed in 1941 as a division of the Sperry Corporation. It later became part of Honeywell, Inc., and in 1996 was sold to Tecstar. In the late 60's, as a division of Honeywell, ESD entered the market for space products as a producer of antenna pointing mechanisms and solar array subsystems. Today, ESD has strong customer relationships with Honeywell, Boeing (formerly Hughes), Lockheed Martin, Orbital Sciences, and the Kodak Corporation. The products closely parallel those of Moog's Chatsworth, California, operations. As a result, there are natural opportunities for achieving substantial synergy. Moog will take on the key members of Tecstar's technical staff, but over the next six months, the production of the ESD product line will transfer from Durham to Moog's facility in Chatsworth. |
Moog Inc. announced today that it has acquired the assets associated with the Satellite and Space Vehicle product lines of the Electro Systems Division of Tecstar, Inc. Tecstar's Electro Systems Division, headquartered in Durham, North Carolina, is a manufacturer of electromechanical equipment for aircraft and spacecraft. ESD was formed in 1941 as a division of the Sperry Corporation. It later became part of Honeywell, Inc., and in 1996 was sold to Tecstar. In the late 60's, as a division of Honeywell, ESD entered the market for space products as a producer of antenna pointing mechanisms and solar array subsystems. Today, ESD has strong customer relationships with Honeywell, Boeing (formerly Hughes), Lockheed Martin, Orbital Sciences, and the Kodak Corporation. The products closely parallel those of Moog's Chatsworth, California, operations. As a result, there are natural opportunities for achieving substantial synergy. Moog will take on the key members of Tecstar's technical staff, but over the next six months, the production of the ESD product line will transfer from Durham to Moog's facility in Chatsworth. Revenue for the ESD space product line is currently running at an annual rate of about $6.5 million and the purchase price was somewhat in excess of one times sales. Because of expenses that will be incurred in transitioning the production, Moog expects only a small positive earnings impact in the current year, and a greater benefit in subsequent years. 'The acquisition of this book of business is another very positive step in consolidating our position as the premier supplier of mechanisms for satellites and spacecraft,' said Jay Hennig, General Manager of Moog's Systems Group. Moog Inc. is a worldwide manufacturer of precision control components and systems. Moog's high-performance actuation products control military and commercial aircraft, satellites and space vehicles, launch vehicles, missiles and automated industrial machinery.
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. |
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