Woodward And Hexcel Announce Mutual Termination Of Merger Agreement

Posted on | December 22, 2020 | No Comments

On Monday, Woodward also announced initiatives it intends to take to strengthen its financial capacity in times of uncertainty caused by the spread of COVID-19. Media Contact Tracy Gohari Woodward Director of Business Communication 970-498-3126 Tracy.Gohari@woodward.com Kaye Veazey Hexcel VP Corporate – Kommunikation Marketing 203-352-0339 Kaye.Veazey@Hexcel.com According to a press release, the board of directors of both companies has agreed to terminate its merger agreement. Companies plan to focus on their respective operations at that time. Neither party is required to pay a termination fee to the other because of the mutual decision to terminate the contract. Given the uncertainty in the market due to the ongoing health crisis, further merger would not be wise, Said Tom Gendron, CEO and President of Woodward, and Nick Stanage, CEO and President of Hexcel, in a joint statement. Woodward and Hexcel announce the mutual termination of the merger agreement About Woodward Woodward is an independent designer, manufacturer and provider of control solutions and components services for aeronautics and industry. The company`s innovative fluid, combustion, electricity and movement control systems help customers deliver cleaner, more reliable and more efficient devices. Our customers include the main OEMs and end-users of their products. Woodward is a global company based in Fort Collins, Colorado, USA. Visit our website at www.woodward.com. Woodward Chairman, CEO and Chairman Thomas Gendron, 59, will continue in his current role and will not retire a year after the merger, as previously planned. In a joint statement, Tom Gendron, Chairman, Chief Executive Officer and Chairman of Woodward, and Nick Stanage, Chairman, Chief Executive Officer and Chairman of Hexcel, said: “While we both believed and continued to believe the benefits of a Woodward and Hexcel combination from the outset, we came to the conclusion, after careful consideration, that it would not be wise to pursue the combination and integration of our companies into a merger, given the considerable uncertainty.

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