Moog Acquires GE Aviation Asset For $90m
EAST AURORA, N.Y. (AP) — Aircraft systems maker Moog Inc. said Monday it completed its acquisition of a GE Aviation Systems flight control product line for $90 million.
The deal was made in cash, with funds from the company's revolving credit facility, Moog said in a release.
The GE business, based in Wolverhampton, England, designs and makes flight control actuation for commercial and military programs, including for the Boeing 777 and the Airbus A330.
Wolverhampton sales last year were about $100 million, Moog said.
Sales for 2010, including Wolverhampton, are now forecast to be $2.13 billion. The acquisition is expected to be neutral to Moog's earnings for 2009 and 2010, assuming the transaction is financed entirely with by the company's revolving credit facility, Moog said.
Cash flow for next year is also expected to be unaffected by the acquisition.