Friday December 28, 2012 0 commentsFORT COLLINS - Woodward Inc. (Nasdaq: WWD) today announced it has signed a purchase agreement with GE Aviation Systems to acquire the assets of GE's hydraulic thrust reverser actuation systems business in Duarte, Calif.
The transaction, expected to close later today, includes a purchase price of $200 million in cash and a preferred supplier agreement for thrust reverser actuation systems, Woodward said.
"The acquisition of the Duarte Business by Woodward's aerospace segment provides us with expanded motion control technologies and platforms; more specifically, Thrust Reverser Actuation Systems," said Thomas A. Gendron, Woodward chairman and CEO.
The Duarte Business employs about 350 and serves customers that include Boeing, GE, Safran and the U.S. government.
Duarte Business sales for 2013 are projected to be approximately $150 million. Duarte Business will be integrated into Woodward's aerospace division.
Woodward said it has committed financing and available cash sufficient to fund the purchase and also provide short-term liquidity after the deal closes.
Woodward currently has a $400-million revolving credit facility, of which all is substantially available, the company said.
For more information, visit www.woodward.com.