Moog Inc. Signs Agreement to Purchase Eaton Unit
26 September 2000
Moog Inc. Signs Agreement to Purchase Eaton Unit
Business & High-Tech EditorsCLEVELAND--Sept. 26, 2000--Moog Inc. and Eaton Corporation 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.