Moog Inc. buys AITECS Medical UAB for $21 million

Moog Inc, a worldwide designer, manufacturer, and integrator of precision control components and systems, has acquired AITECS Medical UAB, a medical device manufacturer based in Lithuania for $21 million in cash. 

Under the arrangement, the East Aurora-based publicly traded company will get 100% of the stock for AITECS Medical UAB. 

AITECS Medical makes syringe-style infusion therapy pumps, and devices designed to give patients steady doses of intravenous drugs. 

The move is an attempt to fill out the company's growing medical devices division, which currently includes infusion feeding pumps, surgical hand pieces and ambulatory infusion therapy pumps, a top company official stated.

According to sources, the Lithuania facility employs about 65 people, which will continue to produce the therapy pumps at its present location.

In addition, the official statement revealed that the company has no immediate plans to manufacture the devices in the United States.

Moog said its purchase of the Lithuanian company will lead to a gain of $6 million in revenue in fiscal 2009, whose customer base ranges from Russia to India to South America.

 

Latest News

The political system's dysfunction keeps nominees in limbo
"Red Shirts" mark their protest on the roads of Bangkok
former Iraq Prime Minister Iyad Allawi
Health vote has one of its keys with Anti-abortion lawmakers
iPad touted as a revolutionary product by Apple
Putin, Clinton talk about moving beyond the problems
Lloyds Banking Group
Childhood maltreatment may make children to age quickly
Water levels Red River may rise to 38 feet
noroviruses
Diabetics who have less trust in others mostly have shorter lives
Consumer financial protection urged by Obama