New York-based Moog is paying EUR21.5m (USD29.6m) to acquire the remaining 60% stake of German renewable energy firm LTi REEnergy. The deal comprises EUR12m (USD16.5m) in cash and a EUR9.5m (USD13.2m) convertible note payable in February of next year. LTi operates in the wind, solar and biomass sectors producing components for wind turbines and inverters for photovoltaic systems.
"Our aim is to bring Moog's motion control experience to bear on the challenges facing today's wind turbine makers and buyers," says Moog’s president of industrial systems, Steve Huckvale. "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." LTi’s sales for the past 12 months were EUR95m (USD131m), according to Moog.
