Woodward buys piece of GE aviation unit for $200M
FORT COLLINS, Colo. (AP) — Woodward Inc. said Friday it will buy an aircraft parts unit from General Electric Co. for $200 million, bolstering its aerospace business.
Woodward makes cockpit controls and other equipment for the defense and aerospace markets. It also supplies the energy industry.
The business that the Fort Collins, Colo., company is acquiring is GE Aviation Systems' hydraulic thrust reverser actuation systems unit. Its products are used mostly in commercial planes.
Woodward, which reported $1.87 billion in revenue in the fiscal year ended Sept. 30, expects the GE business to have $150 million in sales for the current year. The deal will result in a slight profit bump for the year ending in September 2013, Woodward said.