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Wednesday, April 10, 2013
Moog Inc., a New York industrial manufacturer with operations in Blacksburg, announced that it has paid $34 million for Radford technology company Aspen Motion Technologies Inc.
Aspen Motion Technologies designs and manufactures "high-performance, permanent magnet brushless DC motors, integrated digital controls and motorized impellers for motors," according to a statement from Moog, which said it wanted Aspen to plug a hole in Moog's lineup of precision motion control products and systems.
Aspen also specializes in custom motor designs, according to the statement, which said 2012 revenues were about $36 million.
Aspen, which was founded in 1996, was at one time based at the Virginia Tech Corporate Research Center and later expanded in Radford. It has been recently owned by a Swiss company, Pentair Ltd., and employs about 220 people, Moog spokeswoman Ann Luhr said.
The deal unites three New River Valley work places with more than 1,000 workers under one corporate umbrella.
Moog, a $2 billion-plus company in East Aurora, N.Y., employs 925 people at two Blacksburg plants manufacturing components for tanks or military aircraft.
No immediate staffing changes are planned at Aspen or the Blacksburg Moog offices, Luhr said.
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