Moog Acquires Ethox International
Moog Inc. announced today that it has acquired the stock of Ethox International for $15.2 million in cash. Ethox is a Buffalo, N.Y. based medical products manufacturer and service provider.
The company produces proprietary medical devices and is engaged in contract manufacturing of disposables for many of the industry's leading medical device companies. Ethox also provides microbiology, toxicology, and sterilization services. Ethox had calendar year 2008 revenues of $27 million.
In 2006, Moog entered the medical devices market with the acquisition of Curlin Medical, a manufacturer of electric ambulatory infusion pumps. Since then, Moog has acquired the McKinley product line of disposable pumps, the ZEVEX enteral feeding pumps, and most recently Aitecs syringe pumps resulting in a full-range product offering of infusion therapy equipment. In addition to the pumps, Moog produces the disposable administration sets which are consumed every time a pump is used. These disposables are produced and sterilized in FDA-approved facilities. Ethox has a full complement of these FDA-approved facilities in addition to microbiology and toxicology laboratories.
"The acquisition of Ethox broadens our product base in disposables," said Martin Berardi, president of Moog's Medical Devices Group, "and brings to our company an experienced management team and substantial production capabilities."
Sales for Ethox will be approximately $18 million for the balance of Moog's fiscal year 2009. This acquisition is expected to be neutral to Moog's earnings per share for the year ending October 3, 2009 due to first year purchase accounting adjustments.
Moog Inc. is a worldwide designer, manufacturer, and integrator of precision control components and systems.
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