Radford, Va. based Aspen Motion Technologies, a unit of Pentair Ltd. (PNR - Free Report) , has been acquired by Moog Inc. (MOG.A - Free Report) for roughly $34 million. Aspen, which had sales of $36 million in 2012, makes high-performance permanent magnet brushless DC motors, integrated digital controls and motorized impellers for motors. It also specializes in custom motor designs for end product integration and significant development in a variety of high-performance industrial applications.
The acquisition will help Moog to fill up the gap between product and technology. It will bring in a number of valued customers for Moog and also provide new prospects for the company’s business with its engineering and manufacturing proficiency.
Moog is a designer and manufacturer of precision control components and systems. The acquisition will contribute about $20 million to the company’s revenues in the fiscal year 2013. However, it will be neutral to its earnings per share.
Pentair, which belongs to the diversified machinery industry along with General Electric Company (GE - Free Report) and Gencor Industries Inc. , reported fourth-quarter 2012 adjusted earnings per share of 47 cents, down 16% from the year-ago adjusted earnings of 56 cents per share. Total revenues for the quarter increased a whopping 103% to $1.8 billion, reflecting the impact of the Flow Control acquisition.
Despite the overall economic uncertainty, Pentair is positive about global energy and North American residential market. The company is also focusing on investments in different businesses and improving the cost structure.
Pentair delivers industry-leading products, services and solutions for its customers’ diverse needs in water and other fluids, thermal management and equipment protection. Pentair employs more than 30,000 people worldwide.
Pentair currently retains a short-term Zacks Rank #3 (Hold).