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Moog Inc. signs agreement to purchase Eaton unit.
CLEVELAND, OHIO…Moog Inc. and Eaton Corporation (NYSE:ETN) today jointly announced that Moog has signed a purchase agreement to acquire the Vickers Electrics Division of Aeroquip-Vickers S.p.A., a $20 million manufacturer of high-performance electric drives located in Casella, Italy. The Casella facility employs 162.
Vickers Electrics was a part of Vickers Electronics Systems (VES) when Eaton acquired Aeroquip-Vickers, Inc., in April, 1999. In December Eaton sold the VES division, with the exception of Vickers Electrics, to Siemens Energy and Automation, Inc. because the business did not fit Eaton's longer-term strategic objectives.
Founded in 1948 by the Biglino family, Vickers Electrics was sold to Phillips International in 1970, and, in 1987, to Aeroquip-Vickers. Vickers Electrics has concentrated on supplying high-performance motors and drives to the Italian market for industrial machinery applications.
"Vickers Electrics has a well-developed capability in 600-volt motors and controllers, and the Casella products will be a strong complement to our existing line of electric controls," said John Scannell, Moog's Electric Drives Business Manager.
"Italy is recognized by many as one of the most technologically-advanced markets in the world, and in addition to continuing to serve that market, Moog intends to make this new product line available on a global basis through our established network of subsidiaries," Scannell said.
Moog Inc. is a worldwide manufacturer of precision control components and systems. Moog's high-performance actuation products control military and commercial aircraft, satellites and space vehicles, launch vehicles, missiles and automated industrial machinery. The Internet address for Moog Inc. is http://www.moog.com
With 1999 sales of $8.4 billion, Eaton is a global diversified industrial manufacturer of highly engineered products that serve industrial, vehicle, construction, commercial, aerospace and semiconductor markets. Principal products include hydraulic products and fluid connectors, electrical power distribution and control equipment, truck drivetrain systems, engine components, ion implanters and a wide variety of controls. Headquartered in Cleveland, the company has 64,000 employees and 200 manufacturing sites in 24 countries.