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ACQUISITION OF MONTEK IS COMPLETE
31 January 2000 - Moog Controls
| Moog Inc. announced today the completion of its acquisition of Raytheon Aircraft Montek Company, a subsidiary of Raytheon Aircraft Corporation located in Salt Lake City, Utah. Montek has current revenues of about $90 million per year. The sale price was approximately $160 million and will be financed with a new five year bank credit facility. |
Moog Inc. announced today the completion of its acquisition of Raytheon Aircraft Montek Company, a subsidiary of Raytheon Aircraft Corporation located in Salt Lake City, Utah. Montek has current revenues of about $90 million per year. The sale price was approximately $160 million and will be financed with a new five year bank credit facility. Montek's principal products mesh seamlessly with four of Moog's product lines. About 80% of their current revenues come from commercial and military aircraft hardware and associated aftermarket sales and the remainder is split between tactical missiles and industrial hydraulics. With the acquisition of Montek, Moog will generate estimated annual revenues of over $630 million. ``It's a great opportunity for Moog,`` said R.T. Brady, Chairman and CEO. ``Montek has a fine staff of people who build a great product. In addition, the acquisition balances our portfolio of businesses, strengthens our partnership with Boeing and will capitalize on many of our corporate resources. We expect it will be immediately accretive to earnings and that those earnings will accelerate in successive years as synergies evolve.`
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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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