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The acquisition of Broad Reach brings several very strong products to our space portfolio, as well as an experienced team of individuals," Jay Hennig, president of Moog's Space and Defense Group, said in a statement. "Our ability to provide complete solutions to our customers is strengthened by Broad Reach's avionics, software...
Moog Inc . [MOG.A] recently said it has acquired Broad Reach Engineering Co., a designer and manufacturer of spaceflight electronics and software for aerospace, scientific and military missions.
The purchase price is $48 million and includes $37 million in cash, a $6 million note payable and a $5 million potential earn out provision, based on certain financial targets being met.
Broad Reach's sales for the past 12 months were $27 million.
"The acquisition of Broad Reach brings several very strong products to our space portfolio, as well as an experienced team of individuals," Jay Hennig, president of Moog's Space and Defense Group, said in a statement. "Our ability to provide complete solutions to our customers is strengthened by Broad Reach's avionics, software and mission design heritage.
Moog expects the deal to add $32 million to its sales for its fiscal year that ends in September. The company expects the deal to be neutral to earnings this year due to purchase accounting adjustments.
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