SOURCE: Woodward Governor Company

August 20, 2007 17:30 ET

Woodward and Wärtsilä Sign Sourcing Agreement

FORT COLLINS, CO--(Marketwire - August 20, 2007) - Woodward Governor Company (NASDAQ: WGOV) announced today the signing of a three-year sourcing agreement with Wärtsilä, who provides complete lifecycle power solutions focused on the marine and energy markets. The agreement encompasses supplying Woodward core fuel valve, governor, and electronic controls products and technologies for Wärtsilä's diesel and gas engines and also supports the company's extensive global service network.

"The sourcing agreement details the introduction of specific new technologies that will improve the efficiency and further enhance the competitiveness of Wärtsilä's engines," said Chad Preiss, Woodward vice president. "The agreement also expands cooperation by aligning our service strategies."

The agreement gives owners and operators of Wärtsilä engines another source for service. "With our training and support, Wärtsilä network service companies can be certified by Woodward to service, repair, overhaul, and test Woodward products that are installed on engines for which Wärtsilä owns the design or service rights," Preiss said. "This certified service facility program will benefit Wärtsilä engine owners because they can obtain all their engine services from a single source, and will benefit Woodward with the alignment of our aftermarket service programs with Wärtsilä's global service capabilities."

About Wärtsilä

Wärtsilä enhances the business of its customers by providing them with complete lifecycle power solutions. When creating better and environmentally compatible technologies, Wärtsilä focuses on the marine and energy markets with products and solutions as well as services. Through innovative products and services, Wärtsilä sets out to be the most valued business partner of all its customers. This is achieved by the dedication of more than 14,000 professionals manning 130 Wärtsilä locations in close to 70 countries around the world. Visit www.wartsila.com for more information.

About Woodward

Woodward is the largest independent designer, manufacturer, and service provider of energy control and optimization solutions for aircraft engines, industrial engines and turbines, and power equipment packages. The company's innovative fluid energy, combustion control, electrical energy, and motion control systems help customers offer cleaner, more reliable, and cost-effective equipment. Woodward is headquartered in Fort Collins, Colorado USA and serves global markets in aerospace, power generation, transportation, and process industries. Visit our website at www.woodward.com.

The statements in this release concerning Woodward's future sales, earnings, business performance, prospects, and the economy in general reflect current expectations and are forward-looking statements that involve risks and uncertainties. Actual results could differ materially from projections or any other forward-looking statement and we have no obligation to update our forward-looking statements. Factors that could affect performance and could cause actual results to differ materially from projections and forward-looking statements are described in Woodward's Annual Report and Form 10-K for the year ended September 30, 2006 and Form 10-Q for the quarters ended December 31, 2006 and March 31, and June 30, 2007.

Contact Information

  • CONTACT:
    Rose Briani-Burden
    Business Communications
    815-639-6282

    Woodward Governor Company
    1000 East Drake Road
    Fort Collins, Colorado 80525, USA
    Tel: 970-482-5811
    Fax: 970-498-3058