Motion Control Resources
Moog Acquires QuickSet International
09/12/2007 -- Moog Inc. (NYSE: MOG.A and MOG.B ) announced today the acquisition of the stock of QuickSet International Inc. QuickSet is a privately held Northbrook, Illinois manufacturer of precision positioning systems and pan and tilt mechanisms. The products are used to position surveillance cameras, thermal imagers, sensors and communication antennae. QuickSet is a leading supplier of this equipment for military, homeland security and commercial surveillance applications. Markets served by the company's products are many and varied. They include the positioning of surveillance cameras for securing national borders, commercial ports, strategic missile silos, military airbases and commercial airports. The company's products can also be used by the Navy and maritime industry in shipboard protection systems. One of the most exciting potential applications is in driver-vision enhancement for mine-resistant, ambush-protected (MRAP) military vehicles.
QuickSet sales have been expanding rapidly. Sales in calendar year 2007 are projected to be $27 million, an increase of over 30% from calendar year 2006. Moog paid $41 million in cash, which will be funded from committed bank credit facilities. QuickSet is expected to add $32 million to Moog's sales in fiscal year 2008. As a result of first year purchase accounting adjustments and related financing costs, the Company expects the acquisition will not have a significant impact on previously forecasted fiscal year 2008 earnings per share. The acquisition will be reported as part of the Space and Defense segment.
"QuickSet operates in a market which is ideal for the application of Moog's precision motion control capability," said R. T. Brady, Chairman and CEO. "Technology synergies between QuickSet and Moog will increase as applications become more demanding in terms of precision pointing and systems integration. We expect that the QuickSet product position and customer contacts will greatly accelerate our business development in the homeland security market."
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