Moog Inc. Announces Acquisition of Dublin’s Team Accessories Limited
February 23 2022 - 4:45PM
Business Wire
Moog Inc. (NYSE: MOG.A and MOG.B) announced today that it has
completed the acquisition of Dublin, Ireland based TEAM Accessories
Limited (“TEAM”). The purchase price was not disclosed. The
business will support Moog’s current Commercial Aftermarket service
offerings and expand its global reach.
TEAM is a leading aerospace and industrial engineering business
specializing in Maintenance, Repair and Overhaul (MRO) with testing
and repair services for airframe components and safety equipment.
The company’s core business is focused on critical and high-value
jet engine accessories used by global commercial airline and cargo
carriers, but also provides services to the industrial gas turbine
sector. TEAM Accessories has 40 employees working in its Dublin
engineering site.
“We’re excited to bring TEAM’s products and people into Moog’s
Aircraft Controls segment,” said Mark Brooks, Moog Commercial
Aftermarket Group Vice President and General Manager. “TEAM expands
our product and capabilities portfolio for the aircraft engine
accessories market. Their reputation for high quality and reliable
service fit well with Moog’s core principles.”
About Moog Moog Inc. is a worldwide designer,
manufacturer, and integrator of precision control components and
systems. Moog’s high-performance systems control military and
commercial aircraft, satellites and space vehicles, launch
vehicles, missiles, automated industrial machinery, marine and
medical equipment. Additional information about the company can be
found at www.moog.com. For more information on Moog’s commercial
aftermarket services visit www.moogtotalsupport.com.
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Although it is not possible to create a comprehensive list of
all factors that may cause actual results to differ from the
results expressed or implied by our forward-looking statements or
that may affect our future results, some of these factors and other
risks and uncertainties that arise from time to time are described
in Item 1A “Risk Factors” of our Annual Report on Form 10-K and in
our other periodic filings with the SEC and include the
following:
COVID-19 PANDEMIC RISKS
- We face various risks related to health pandemics such as the
global COVID-19 pandemic, which may have material adverse
consequences on our operations, financial position, cash flows, and
those of our customers and suppliers.
STRATEGIC RISKS
- We operate in highly competitive markets with competitors who
may have greater resources than we possess;
- Our new products and technology research and development
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could prevent or restrict our ability to compete; and
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acquire or integrate strategic acquisitions, or as we conduct
divestitures.
MARKET CONDITION RISKS
- The markets we serve are cyclical and sensitive to domestic and
foreign economic conditions and events, which may cause our
operating results to fluctuate;
- We depend heavily on government contracts that may not be fully
funded or may be terminated, and the failure to receive funding or
the termination of one or more of these contracts could reduce our
sales and increase our costs;
- The loss of The Boeing Company or Lockheed Martin as a customer
or a significant reduction in sales to either company could
adversely impact our operating results; and
- We may not realize the full amounts reflected in our backlog as
revenue, which could adversely affect our future revenue and growth
prospects.
OPERATIONAL RISKS
- Our business operations may be adversely affected by
information systems interruptions, intrusions or new software
implementations;
- We may not be able to prevent, or timely detect, issues with
our products and our manufacturing processes which may adversely
affect our operations and our earnings;
- If our subcontractors or suppliers fail to perform their
contractual obligations, our prime contract performance and our
ability to obtain future business could be materially and adversely
impacted; and
- The failure or misuse of our products may damage our
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against us that exceed our insurance coverage, thereby requiring us
to pay significant damages.
FINANCIAL RISKS
- We make estimates in accounting for over-time contracts, and
changes in these estimates may have significant impacts on our
earnings;
- We enter into fixed-price contracts, which could subject us to
losses if we have cost overruns;
- Our indebtedness and restrictive covenants under our credit
facilities could limit our operational and financial
flexibility;
- The phase out of LIBOR may negatively impact our debt
agreements and financial position, results of operations and
liquidity;
- Significant changes in discount rates, rates of return on
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affect our earnings and equity and increase our pension funding
requirements;
- A write-off of all or part of our goodwill or other intangible
assets could adversely affect our operating results and net worth;
and
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affect our operating results.
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- Contracting on government programs is subject to significant
regulation, including rules related to bidding, billing and
accounting standards, and any false claims or non-compliance could
subject us to fines, penalties or possible debarment;
- Our operations in foreign countries expose us to currency,
political and trade risks and adverse changes in local legal and
regulatory environments could impact our results of
operations;
- Government regulations could limit our ability to sell our
products outside the United States and otherwise adversely affect
our business;
- We are involved in various legal proceedings, the outcome of
which may be unfavorable to us; and
- Our operations are subject to environmental laws, and complying
with those laws may cause us to incur significant costs.
GENERAL RISKS
- Future terror attacks, war, natural disasters or other
catastrophic events beyond our control could negatively impact our
business; and
- Our performance could suffer if we cannot maintain our culture
as well as attract, retain and engage our employees.
While we believe we have identified and discussed above the
material risks affecting our business, there may be additional
factors, risks and uncertainties not currently known to us or that
we currently consider immaterial that may affect the
forward-looking statements made herein. Given these factors, risks
and uncertainties, investors should not place undue reliance on
forward-looking statements as predictive of future results. Any
forward-looking statement speaks only as of the date on which it is
made, and we disclaim any obligation to update any forward-looking
statement made in this report, except as required by law.
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Ann Marie Luhr 716-687-4225
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