SOURCE: Woodward Governor Company

Woodward Governor Company

August 10, 2009 14:00 ET

Woodward Sells Fuel and Pneumatics Product Line to TransDigm Inc.

FORT COLLINS, CO--(Marketwire - August 10, 2009) - Woodward Governor Company (NASDAQ: WGOV) today announced that it has completed the sale of the Fuel and Pneumatics product line of its Woodward HRT business to TransDigm Inc. for $48 million.

"This sale is consistent with the strategic goals of both Woodward and TransDigm. It allows Woodward to focus on the areas of our new airframe business that are core to our future," said Thomas A. Gendron, Woodward's Chairman and Chief Executive Officer.

With calendar 2008 revenues of $16 million and expected calendar 2009 revenues of approximately $20 million, the Fuel and Pnuematics product line provides a variety of off-turbine fuel management and pneumatic actuation components to producers of military and commercial aircraft and helicopters, as well as their suppliers. This product line was acquired in April 2009 by Woodward as part of the HR Textron, Inc. acquisition.

Woodward intends to use the proceeds to reduce its outstanding debt and will not record a significant gain or loss as a result of this transaction.

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, 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 cost-effective 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.

The statements in this release concerning the strategic goals of Woodward, Woodward's focus on the areas of its new airframe business that are core to its future, the use of the proceeds from the sale of the Fuel and Pneumatics product line and the expectation of incurring no significant gain or loss on that sale reflect current expectations and are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Readers are cautioned that these forward-looking statements are only predictions and are subject to risks, uncertainties, and assumptions that are difficult to predict. 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 include, but are not limited to, the ability of Woodward to pursue its strategic goals, including its focus on the areas of its new airframe business that are core to its future, in the light of recent instability in the credit markets and other adverse economic and industry conditions, Woodward's ability to effectively integrate the businesses of HR Textron, Inc. and MPC Products Corporation into its airframe business segment and costs related thereto, Woodward's ability to implement, and realize the intended effects of, its restructuring efforts and other risks described in Woodward's Annual Report and Form 10-K for the year ended September 30, 2008 and any subsequently filed Form 10-Q.

Contact Information

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