Dublin arm of US defence and space engineer Moog swings to profit in 2014
The Dublin arm of a US defence and space engineering company that makes components for missiles and military aircraft swung to a pre-tax profit last year after losing €640,000 before tax the previous year, documents newly filed with the Companies Registration Office show.
But the Dublin arm, Moog Dublin, paid no Corporation Tax last year after carrying over accumulated losses from previous years.
Moog Dublin said it plans to work with the US parent company to grow the business in Europe by expanding its aerospace product offering.
The Dublin office makes engine supports for the Ariane 5 space programme, described by the European Space Agency as "the cornerstone of Europe's independent access to space".
It's currently working on vibration control devices to protect satellite equipment during space flights. The company claimed a tax rebate worth €231,309 in relation to research and development tax credits last year, the accounts show.
Moog also has a presence in Ringaskiddy, Co Cork.
The company has worked with the Irish Defence Forces on "an efficient dockyard logistic supply-chain management system". Defence Minister Simon Coveney recently told the Irish Independent that the international defence industry is to have increased access to the Irish Defence Forces for product testing.
"We are planning to do a lot more of it, to actually link defence infrastructure and the skillset of the defence forces, with innovators in the private sector so that actually we can create products that are good for defence," he said.