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17th January 2020, Colorado

Hexcel to merge with Woodward

© Woodward Hexcel© Woodward Hexcel

Composites leader Hexcel is to merge with Woodward, Inc., the world’s largest independent manufacturer of control systems and components for aircraft engines headquartered in Fort Collins Colorado.

The combined company, to be named Woodward Hexcel, will be among the top independent aerospace and defence suppliers globally by revenue. On a pro forma basis the combined company is expected to generate net revenues of approximately $5.3 billion and earnings of $1.1 billion for 2019.

It will have more than 16,000 employees, manufacturing operations in 14 countries on five continents, and a diversified customer base across multiple markets.

Nick Stanage, Chairman, chief executive officer and president of Hexcel, will serve as CEO and Tom Gendron, chairman, chief executive officer and president as executive chairman.

 “Our two companies are each independently working toward addressing the sustainability and efficiency needs of our customers,” said Gendron. “This merger accelerates our technology investments and creates greater benefits and growth opportunities than either company could have achieved alone.”

“The future of flight and energy efficiency will be defined by next-generation platforms delivering lower cost of ownership, reduced emissions, and enhanced safety – and a combined Hexcel and Woodward will be at the forefront of this evolution,” added Stanage. “Woodward’s innovative control systems and Hexcel’s advanced lightweight materials are designed to drive improved reliability, efficiency, and emissions. Through our combined scale and strong cash flow profile, we will be even better positioned to accelerate innovation in aerodynamics and propulsion efficiencies and support evolving customer needs.

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