Moog Inc. Announces Acquisition of Dublin’s Team Accessories Limited

East Aurora, NY — 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) of engine and airframe components. 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.

Mark Brooks, Moog Commercial Aftermarket Vice President, said “We are very excited to welcome Team Accessories into the Moog family. This acquisition is a key strategic step in the expansion of our Moog Total Support service offering providing an integrated engine component support solution to the airlines. With our collective experience we will continue to expand and provide services to new aircraft and engine types”.

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.moog.com.

Cautionary Statement 

Information included or incorporated by reference in this report that does not consist of historical facts, including statements accompanied by or containing words such as “may,” “will,” “should,” “believes,” “expects,” “expected,” “intends,” “plans,” “projects,” “approximate,” “estimates,” “predicts,” “potential,” “outlook,” “forecast,” “anticipates,” “presume” and “assume,” are forward-looking statements. Such forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are not guarantees of future performance and are subject to several factors, risks and uncertainties, the impact or occurrence of which could cause actual results to differ materially from the expected results described in the forward-looking statements. In evaluating these forward-looking statements, you should carefully consider the factors set forth below.

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 efforts are substantial and may not be successful which could reduce our sales and earnings;

·   Our inability to adequately enforce and protect our intellectual property or defend against assertions of infringement could prevent or restrict our ability to compete; and

·   Our sales and earnings may be affected if we cannot identify, 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 reputation, necessitate a product recall or result in claims 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 pension assets, mortality tables and other factors could adversely 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

·   Unforeseen exposure to additional income tax liabilities may affect our operating results.

LEGAL AND COMPLIANCE RISKS

·   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.