SOURCE: Woodward, Inc.

Woodward, Inc.

March 22, 2011 09:15 ET

Woodward Reaches Definitive Agreement to Acquire Integral Drive Systems

FORT COLLINS, CO--(Marketwire - March 22, 2011) - Woodward, Inc. (NASDAQ: WWD) today announced that it has reached a definitive agreement to acquire Integral Drive Systems AG and its European companies, including their respective holding companies ("IDS"), as well as the key assets of IDS' business in China, for a total amount of approximately $36 million in cash.

IDS is a leader in innovative power electronic systems predominantly in utility scale wind turbines and photovoltaic plants. Additionally, IDS offers key products in power distribution, marine propulsion systems and specialized solutions. Besides wind turbines and photovoltaic plants, its products are used in offshore oil and gas platforms, energy storage and distribution systems and a variety of industrial applications.

IDS, based in Switzerland, also has operations in Bulgaria and China. Approximately 200 people are employed by the company. In 2010, IDS' sales were approximately $34 million.

"IDS will be a great fit within our Electrical Power Systems business segment, adding to our wind converter offerings and reducing Woodward's time to market with expansion into solar energy, energy storage and marine drives. Its important products, markets and customers will further enhance Woodward's overall position in power electronics," said Gerhard Lauffer, President, Woodward Electrical Power Systems.

The transactions remain subject to certain closing conditions, and are expected to close in the third quarter of this fiscal year.

About Woodward

Woodward is an independent designer, manufacturer, and service provider of energy control and optimization solutions used in global infrastructure equipment. We serve the aerospace and defense, power generation and distribution, and transportation markets. Our systems and components optimize the performance of commercial aircraft; military aircraft, ground vehicles and other equipment; gas and steam turbines; wind turbines; reciprocating engines; and electrical power systems. The company's innovative fluid energy, combustion control, electrical energy, and motion control systems help customers offer cleaner, more reliable, and more efficient equipment. Our customers include leading original equipment manufacturers and end users of their products. Woodward is headquartered in Fort Collins, Colo., USA. Visit our website at www.woodward.com.

Information in this press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 that involve risks and uncertainties, including but not limited to statements regarding the combined company's plans, objectives, expectations and intentions, anticipated benefits of the acquisition of the IDS business and expected business opportunities that may be available to Woodward, and the closing date of the transactions. Readers are cautioned that these forward-looking statements are only predictions and are subject to risks, uncertainties, and assumptions that are difficult to predict. Factors that could cause actual results and the timing of certain events to differ materially from the forward-looking statements include, but are not limited to, the inability of the parties to consummate the transactions or satisfy any required conditions, the failure of Woodward to successfully integrate the IDS business or realize synergies, and other risk factors described in Woodward's Annual Report and Form 10-K for the year ended September 30, 2010 and any subsequently filed Quarterly Report on Form 10-Q.

Contact Information

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

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