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Moog Inc has announced today that it has acquired 40% ownership of privately held LTi REEnergy GmbH of Unna, Germany for € 18 million (approximately US$ 28 million) from available cash balances.
The company expects to acquire the remaining 60% in twelve months subject to conventional conditions of closing. The investment will be accounted for under the equity method and, accordingly, the company will record 40% of the earnings of LTi REEnergy inMoog's Industrial Systems segment. As a result of this investment, Moog increased its forecasted earnings per share by US$ 0.01, to US$ 2.72, in fiscal year2008.
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