Woodward Governor Co. (WGOV) said Thursday that MPC Products Corp., now doing business as Woodward MPC, has reached an agreement with the U.S. Department of Justice to resolve the criminal and civil claims related to the investigation of MPC's pre-June 2005 government contract pricing practices.
MPC was acquired by Woodward in October 2008.
In settlement of the criminal and civil cases, MPC is to pay about $25 million in restitution and fines, which was previously accrued by Woodward as part of the acquisition; the purchase price for MPC was also reduced by that amount.
As part of the negotiated settlement, MPC will also plead guilty to one count of mail fraud related to its pre-June 2005 government contract pricing practices and has agreed to conditions of a two-year probation.
The civil settlement was approved by the United States District Court in the Northern District of Illinois on October 7. The criminal case plea agreement, including sentencing, remains subject to approval by the court. If the court approves the plea agreement, all matters related to the DOJ investigation will be concluded.
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June 05, 2026 16:18 ET A busy week for economic news flow saw a slew of reports being released that reflected the trends in the U.S. labor market. In Europe, economic growth and inflation data gained attention as the European Central Bank and Bank of England head for policy session later in the month. In Asia, the monetary policy session of the Indian central bank was in focus as the country, a major oil importer, reels under the pressures of a weaker rupee and rising inflation.