Moog Inc. (MOG.A) (MOG.B) announced today that it has completed the acquisition of American Pacific Corporation's (APFC) In-Space Propulsion business for $46 million in cash. The In-Space Propulsion business, with locations in New York, California, Ireland and the United Kingdom, is a developer and manufacturer of liquid propulsion systems and components for satellites and missile defense systems.
The acquisition provides Moog with additional capabilities, specifically in spacecraft controls. "The In-Space Propulsion business complements our existing components and expands our propulsion systems capabilities," stated Jay Hennig, President of Moog's Space and Defense Group. "We believe that this will expand our European presence and provide additional scale to serve our customers with a complete satellite control offering."
The acquisition is expected to add approximately $8 million to Moog's sales for the remaining two months of the 2012 fiscal year and $50 million to sales for 2013. As a result of first year purchase accounting adjustments, the acquisition is expected to be neutral to previously forecasted fiscal year 2012 and 2013 earnings per share estimates.
About Moog Inc.
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.
About American Pacific Corporation
AMPAC is a leading custom manufacturer of fine and specialty chemicals. AMPAC supplies active pharmaceutical ingredients and advanced intermediates to the pharmaceutical industry. For the aerospace and defense industry, AMPAC provides specialty chemicals used in solid rocket motors for space launch and military missiles. AMPAC produces clean agent chemicals for the fire protection industry, as well as electro-chemical equipment for the water treatment industry. Additional information about can be found at www.apfc.com.