press information
MOOG
INC., EAST AURORA, NEW YORK 14052 TEL-716/652-2000 FAX -716/687-4457
release date |
Immediate |
|
contact |
Ann Marie Luhr |
|
August 22, 2012 |
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|
716-687-4225 |
MOOG ACQUIRES
Tritech International Limited
Eat Aurora, NY - Moog Inc. (NYSE: MOG.A
and MOG.B) announced today that it has acquired Tritech International Limited. The purchase price is approximately £21 million
in cash. Tritech, founded in 1991, is a leading designer and manufacturer of high performance
acoustic sensors, sonars, video cameras and mechanical tooling equipment. The company had trailing 12 month revenues of
$19 million.
Tritech, located in Aberdeenshire, Scotland,
is an industry leader known for supplying equipment for the ROV (Remotely Operated Vehicle) and AUV (Autonomous Underwater Vehicle)
markets. This acquisition will be reported as part of the Components Group. Moog Components Group supplies motion and fiber optic
products and solutions to marine, medical, industrial, aerospace and defense applications.
“The acquisition of Tritech brings
several very strong products to our marine portfolio, as well as an experienced team of individuals who have a reputation of delivering
quality products and services to the ROV and AUV markets,” said Larry Ball, President of Moog Components Group.
Sales for Tritech are expected to add approximately
$2 million to Moog’s sales for the remainder of the Company’s 2012 fiscal year, ending September 29, 2012, and
$20 million in sales for fiscal year 2013. This acquisition is expected to be neutral to Moog’s earnings per share for fiscal
years 2012 and 2013 due to 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 in this report 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 expected results described in the forward-looking
statements. These important factors, risks and uncertainties include:
| · | the markets we serve are cyclical and
sensitive to domestic and foreign economic conditions and events, which may cause our operating results to fluctuate; |
| · | we operate in highly competitive markets
with competitors who may have greater resources than we possess; |
| · | we depend heavily on government contracts
that may not be fully funded or may be terminated, and the failure to receive funding or the termination of one or more of these
contracts could reduce our sales and increase our costs; |
| · | we make estimates in accounting for long-term
contracts, and changes in these estimates may have significant impacts on our earnings; |
| · | we enter into fixed-price contracts, which
could subject us to losses if we have cost overruns; |
| · | if our subcontractors or suppliers fail
to perform their contractual obligations, our prime contract performance and our ability to obtain future business could be materially
and adversely impacted; |
| · | contracting on government programs is
subject to significant regulation, including rules related to bidding, billing and accounting kickbacks and false claims, and any
non-compliance could subject us to fines and penalties or possible debarment; |
| · | the loss of Boeing or Lockheed Martin
as a customer or a significant reduction in sales to either company could adversely impact our operating results; |
| · | if we are unable to adapt to technological
change, demand for our products may be reduced; |
| · | our new product and research and development
efforts may not be successful, which would result in a reduction in our sales and earnings; |
| · | our inability to adequately enforce our
intellectual property rights or defend against assertions of infringement could prevent or restrict our ability to compete; |
| · | our indebtedness and restrictive covenants
under our credit facilities could limit our operational and financial flexibility; |
| · | significant changes in discount rates,
rates of return on pension assets, mortality tables and other factors could affect our earnings, equity and pension funding requirements; |
| · | a write-off of all or part of our goodwill
or other intangible assets could adversely affect our operating results and net worth; |
| · | our sales and earnings growth may be reduced
if we cannot implement our acquisition strategy; |
| · | we may incur losses and liabilities as
a result of our acquisition strategy; |
| · | our operations in foreign countries expose
us to political and currency risks and adverse changes in local, legal, tax and regulatory schemes; |
| · | government regulations could limit our
ability to sell our products outside the United States and otherwise adversely affect our business; |
| · | the failure or misuse or our products
may damage our reputation, necessitate a product recall or result in claims against us that exceed our insurance coverage, thereby
requiring us to pay significant damages; |
| · | future terror attacks, war or other civil
disturbances could negatively impact our business; |
| · | our facilities could be damaged by catastrophes
which could reduce our production capacity and result in a loss of customers; |
| · | our operations are subject to environmental
laws, and complying with those laws may cause us to incur significant costs; and |
| · | we are involved in various legal proceedings,
the outcome of which may be unfavorable to us. |
These factors are not exhaustive. New factors,
risks and uncertainties may emerge from time to time that may affect the forward-looking statements made herein. Given these factors,
risks and uncertainties, investors should not place undue reliance on forward-looking statements as predictive of future results.
We disclaim any obligation to update the forward-looking statements made in this report.