Woodward, Inc. (WWD: Quote), a provider of energy control and optimizer solutions, Friday said it signed an agreement with GE Aviation Systems on December 27 to acquire its hydraulic thrust reverser actuation systems business located in Duarte, California for $200 million in cash.
Woodward said it expects the deal, which is a preferred supplier agreement, to add to its earnings for 2013, and to close today.
The acquisition is expected to become one with the company's Aerospace business segment, and could result in operating synergies, technology integration and an enhanced customer base, Woodward said in a statement.
"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 Gendron, Woodward Chairman and Chief Executive Officer.
The Duarte Business with nearly 350 employees and serving customers such as Boeing, GE, Safran and the U.S. Government is expected to clock sales of approximately $150 million for fiscal 2013.
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by RTT Staff Writer
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