Moog, a New York-based manufacturer and integrator of precision control components and systems, announced late last week that it recently purchased CCTV solutions developer Videolarm for $45 million.
In a statement issued by Moog regarding the acquisition, Jay Henning, the president of the companyâ€™s space and defense segment, said that purchase of Videolarm would expand their "capabilities and solutions in the security and surveillance markets." He further stated that the purchase of Videolarm compliments the companyâ€™s 2007 acquisition of pan & tilt systems manufacturer Quickset and should provide added experience to their security products portfolio.
"Moog is a high-quality technology company that could lend a lot of assistance on a worldwide basis to Videolarm and its partners," Ray Pagano, a consultant with Videolarm said of the companyâ€™s sale. "We service a lot of companies like Sony, Panasonic and Axis with our housings and having worldwide warehousing facilities is always an important ingredient to satisfy their growing needs. Providing that with Moog is going to be a lot easier with the resources they have."
Pagano said that all of the companyâ€™s employees and management staff will be retained, along with the companyâ€™s name and headquarters, which is located in Decatur, Ga.
Videolarm products are expected to boost Moogâ€™s sales by an additional $15 million in 2009, according to the statement.