Moog Inc., continuing its push to become a bigger player in the wind energy market, has acquired the 60 percent stake in a German wind turbine components manufacturer that it doesn’t already own, the Elma aerospace company said
Moog paid nearly $31 million in cash and debt to acquire the
majority stake in LTi REEnergy GmbH, which makes motion control and
drive systems used on wind turbines. Moog paid $28 million in June 2008
to purchase a 40 percent stake in LTi.
Moog executives have
been drawn to the wind energy market because they see opportunities to
use the company’s motion control technology on issues facing turbine
Wind turbines have been getting bigger, now spanning as
much as 240-feet in diameter and capable of generating 1.5 megawatts of
electricity. That increasing size can create a challenge to control
motion on those turbines, Moog executives have said. “Our strategy is
to advance the design of the wind industry’s motion controls by
creating new, high-performance solutions, ranging from pitch control to
rotor monitoring,” said Steven Huckvale, the president of Moog’s
industrial systems business.
LTi had $136 million in sales
during the last 12 months. Moog expects LTi to contribute about $60
million in sales during the four months remaining in the company’s
fiscal year, which ends in late September.
Moog in January paid
$16 million to buy a 70 percent stake in Insensys Ltd., a British
company that makes components used in wind turbines. That deal expanded
the line of products that Moog makes for wind turbines, mainly
equipment that stops and shuts down the turbines and also regulates
their power output.
Insensys makes pitch control and rotor
blade monitoring systems. Pitch control systems adjust the angle of the
turbine’s blades to improve its efficiency and control its load.
Monitoring systems can extend the turbine’s life and reduce maintenance