Wind energy division of LTi REEnergy receives investment from Moog
Unna/Böblingen, Germany (24 June 2008):
Moog Inc. (NYSE:MOG.A and MOG.B) had concluded at the beginning of June 2008 a contract to take over a 40% share in LTi REEnergy GmbH. LTi REEnergy, which is part of the private LTi company group, is a leading provider of electric rotor blade adjustment systems (PITCH systems) for wind turbines. The company based in Unna, Germany, has a subsidiary in Shanghai, China. In the past 12 months, LTi REEnergy achieved turnovers in Germany and China of 55 million euros. Moog Inc. is an international developer, manufacturer and integrator of precision control components and systems. The industrial division of Moog, the largest European subsidiary located in Böblingen in Germany, will work closely with LTi REEnergy in order to supply the fast-growing market of developers, integrators and manufacturers of wind turbines with electric and hydraulic rotor blade adjustment systems.
"Moog has its headquarters in East Aurora, New York (USA) and subsidiaries in 27 coun-tries: This enables the company to serve existing and newly developed markets", said Dr. Wolfgang Lust, Managing Director of LTi REEnergy.
Dr. Wolfgang Lust and Matthias Vehring remain Managing Directors of LTi REEnergy. "LTi REEnergy and Moog are two fast-growing companies coming together that are perfectly matched strategically. The participation of Moog in our company will enable us to utilise our rapid growth in order to strengthen our leading position in the international market", stressed Dr. Lust.
"LTi REEnergy, with more than 7,500 delivered rotor blade adjustment systems and components, is a clear market leader worldwide", emphasised Harald Seiffer, Managing Director of Moog Industrial Europa. "We are convinced that the know-how of Lti and the global presence of Moog in the growth wind energy market are a perfect match."
