Moog Inc. (NYSE: MOG.A and MOG.B ) has announced that it has acquired Prizm Advanced Communications Electronics Inc. for $12 million in cash.
Prizm, a Baltimore, Maryland based company, specializes in the design and manufacture of fiber optic and wireless video and data multiplexers used in commercial and military subsea markets for oil and gas exploration, terrestrial robotics and remote sensing applications. Sales for the past twelve months were $6.0 million.
"Prizm offers standard and customized systems solutions that complement our current product offerings," said Larry Ball, President of the Components Group of Moog. "This acquisition also gives us a stake in the military subsea market while expanding our role in the industrial subsea market."
The acquisition will add approximately $5.9 million to Moog's 2008 sales for the remaining ten months of the fiscal year ending September 27, 2008. Due to first year purchase accounting adjustments, this acquisition will be neutral to Moog's earnings per share for fiscal 2008.
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, marine and medical equipment.