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Woodward, Hexcel To Terminate Merger - Quick Facts

Woodward, Inc. (WWD) and Hexcel Corp. (HXL) have mutually agreed to terminate their merger deal. The companies concluded that given the significant uncertainty in the market caused by the COVID-19 pandemic, it would not be prudent to continue to pursue the combination. Neither party will be required to pay the other a termination fee.

Separately, Hexcel Corp. announced a number of actions in response to the impact from COVID-19. Hexcel will reduce costs through curtailing capital expenditures, and evaluating employment levels to align with lower customer demand.

Hexcel also announced that its Board has adopted a limited duration shareholder rights plan. In connection with this, the Board declared a dividend distribution of one preferred share purchase right on each outstanding share of Hexcel common stock.

Hexcel plans to hold its 2020 annual meeting of shareholders on June 1, 2020.

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