Woodward Announces Completion of L’Orange Acquisition
June 04 2018 - 7:30AM
Woodward, Inc. (NASDAQ:WWD) today announced the closing of the
transaction to acquire L’Orange GmbH and its related operations for
an enterprise value of €700 million (US$811 million1).
The acquisition of L’Orange is a strong strategic fit for
Woodward, bringing a world-class OEM partnership, excellent
technology and innovation, and a large installed base that we
believe will enhance growth and profitability for Woodward and
specifically our Industrial segment.
1 Conversion to United States Dollars (“USD”) for the purposes
hereof is based on a foreign currency exchange rate equal to $1.158
USD per €1 Euro as of May 29, 2018, the date Woodward executed
cross-currency swaps of USD for Euro in connection with the
financing of this transaction.
About Woodward, Inc.
Woodward is an independent designer, manufacturer, and service
provider of control solutions for the aerospace and industrial
markets. The company’s innovative fluid, combustion, electrical,
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 a global company headquartered in Fort
Collins, Colorado, USA. Visit our website at www.woodward.com, and
connect with us at www.facebook.com/woodwardinc.
Notice Regarding Forward-Looking StatementsThis
release contains statements that reflect current expectations and
are forward-looking statements involving risks and uncertainties,
including our view that L’Orange is a strong strategic fit for
Woodward, bringing a world-class OEM partnership, excellent
technology and innovation, and a large installed base that will
enhance growth and profitability for Woodward and specifically our
Industrial segment. Actual results could differ from these
forward-looking statements and we have no obligation to update our
forward-looking statements. Factors that could cause actual results
to differ from forward-looking statements are described in
Woodward's Annual Report on Form 10-K for the year ended September
30, 2017 and any subsequently filed Quarterly Report on Form
10-Q.
CONTACT:Don GuzzardoCorporate Director, Investor Relations &
Treasury970-498-3580Don.Guzzardo@woodward.com
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