Moog announces acquisition closing

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28-Sep-2009 Moog Inc. (NYSE:MOG.A and MOG.B) announced today that it has completed the acquisition of GE Aviation Systems’ flight control actuation business for $90 million in cash, financed with funds availabile under its revolving credit facility.

The business, located in Wolverhampton, U.K., designs and manufactures primary and secondary flight control actuation for a number of commercial and military programs, including high-lift actuation systems for the Boeing 777 and 787 and the Airbus A330 and A380. The operation also provides primary flight controls for the European fighter, Typhoon, and a main engine lift system for the Rolls-Royce engine on the STOVL version of the U.S. Joint Strike Fighter. The General Electric Company acquired this business as part of its acquisition of Smiths Aerospace in May of 2007. Wolverhampton sales for the calendar year 2008 were approximately $100 million. The acquisition will be part of Moog’s Aircraft Controls segment. Updated Aircraft Controls segment fiscal 2010 sales, including Wolverhampton, will approximate $746 million.

“The organization that we’re acquiring is a world-class designer and manufacturer of aircraft actuation systems, with a specialty in high-lift actuation for commercial aircraft,” said Warren Johnson, President of Moog’s Aircraft Controls Group. “We know that they’ll be a great addition to our team.”

Consolidated fiscal 2010 sales, including Wolverhampton, are now forecast to be $2.130 billion. The acquisition is expected to be neutral to Moog’s net earnings and earnings per share for fiscal 2009 and 2010 assuming the transaction is financed completely with available funds under Moog’s revolving credit facility. Forecasted fiscal 2010 cash flow from operations less capital expenditures is also expected to be unaffected by this acquisition.

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.