RIVAL FIRM TO TAKE OVER CHATSWORTH COMPANY.Byline: Ben Sullivan Daily News Staff Writer A New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of competitor will buy Chatsworth-based Schaeffer Magnetics, the companies announced Wednesday. East Aurora, N.Y.-based Moog Inc Moog, is a worldwide designer and manufacturer of motion and fluid controls and control systems for applications in aerospace, defense, industrial and medical device markets. . will pay $21.7 million for the longtime Valley aerospace firm. Both Moog and Schaeffer make high-performance motion control devices. Schaeffer has specialized in equipment used in satellites and space systems, while Moog sells to a wider market including military, commercial and industrial customers. ``It's an excellent fit . . . and a fair price,'' said Paul Nisbet, an analyst at JSA JSA - Japanese Standards Association. Research Inc. Schaeffer told analysts Wednesday that it will operate as a separate entity from Moog, will remain in Chatsworth and does not anticipate any layoffs among its 120 employees, Nisbet said. The purchase is expected to close in the first quarter of 1998. Schaeffer was founded in 1967 by engineer Ernest Schaeffer. The company's motion control devices have been used on the Apollo, Explorer, Viking, Voyager 2 and Mariner Mariner Any of a series of unmanned U.S. space probes sent near Venus, Mars, and Mercury. Mariners 2 (1962) and 5 (1967) passed Venus within 22,000 mi (35,000 km) and 2,500 mi (4,000 km), respectively, and made measurements of temperature and atmospheric density. space craft, and on the Hubble Telescope See Hubble Space Telescope. . Schaeffer will remain with the company as chairman of its technical advisory board. Moog shares closed up 43 cents Wednesday, to $33.43. CAPTION(S): Photo Photo: (Color) Ernest Schaeffer is owner of Schaeffer Magnetics. Hans Gutknecht/Daily News |
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