EAST AURORA, N.Y. (AP) -- Aerospace contractor Moog Inc. is spending about $34 million in cash to buy Aspen Motion Technologies, a subsidiary of Pentair Ltd.
Moog, based in East Aurora, N.Y., said the acquisition fills a product and technology gap for its customers. Moog designs and makes precision control components used in military and commercial aircraft, satellites and missiles, among other equipment.
Aspen specializes in custom motor designs and also makes integrated digital controls and motorized impellers. It brought in about $36 million in revenue last year.
Moog said the purchase will be neutral to its 2013 earnings per share because of some accounting adjustments.
Moog's Class A shares fell 75 cents to $45.64 Thursday afternoon while broader trading indexes also dipped slightly.