EAST AURORA, N.Y., Oct. 2 -- Moog Inc. announced yesterday it has closed on its acquisition of the assets of Northrop Grumman Corp.'s Poly-Scientific Division, which will now be known as the Moog Components Group.
Net proceeds of $72 million from Moog's equity offering, which closed on Sept. 16, resulted from the sale of 2,012,500 newly issued Class A shares and were used to pay for part of the $158 million acquisition. The balance of the purchase price was funded through the company's credit agreements.
Poly-Sci is a manufacturer of motion control and data transmission devices. Its principal products are electrical and fiber optic slip rings, brushless D.C. motors and electromechanical actuators, and it employs about 1000 people in three locations: Blacksburg, Va.; Springfield, Pa.; and Murphy, N.C. About two-thirds of Poly-Sci sales come from aerospace and defense markets, and the balance are industrial. Nearly half of the company's industrial products are used in medical equipment.
Poly-Sci was founded 50 years ago and was acquired in the early 1960s by Litton Industries Inc. Litton subsequently acquired Clifton Precision and merged it with the Poly-Sci Division. Northrop Grumman acquired Litton Industries in 2001.
Moog Inc. makes precision control components and systems; its high-performance actuation products control military and commercial aircraft, satellites and space vehicles, launch vehicles, missiles and automated industrial machinery.
For more information, visit: www.moog.com