By EAST AURORA EDITOR (9/16/2007 12:31:33 PM)
EAST AURORA, N.Y., Sept. 13 (UPI) -- New York-based Moog Inc. announced the acquisition of QuickSet International Inc.'s stock.
Moog is a manufacturer of precision control components and systems for military and commercial aircraft, satellites and missiles among others. Company officials announced the acquisition of the privately held Illinois-based QuickSet in an attempt to enhance the company’s reach in the homeland security market.
QuickSet is a manufacturer of positioning systems and pan and tilt mechanisms for military, homeland security and commercial surveillance applications including missile silos and military airbases, among others.
"QuickSet operates in a market which is ideal for the application of Moog's precision motion control capability," said R. T. Brady, chairman and chief executive officer, in a statement. "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."
Moog paid $41 million in cash for QuickSet. Company officials estimate that the QuickSet acquisition could add $32 million to Moog's sales in fiscal year 2008 but that QuickSet sales are expected to continue an increase in trajectory.
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