Woodward Signs Agreement to Divest Its Heavy Duty Gas Turbines Combustion Parts Business Based in Greenville, S.C., to GE Vernova

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[{"type":"text","content":"FORT COLLINS, Colo., Nov. 18, 2024 (GLOBE NEWSWIRE) -- Woodward (NASDAQ: WWD), a leader in aerospace and industrial energy control solutions, today announced that it has signed a definitive agreement under which GE Vernova (NYSE: GEV) is to acquire Woodward’s heavy duty gas turbines combustion parts business based in Greenville, S.C. Under the terms of the agreement and subject to meeting all closing terms and conditions, GE Vernova will acquire assets related to the business that are dedicated to supplying parts and services to GE Vernova. “We are pleased to sign this agreement with GE Vernova,” said Chip Blankenship, Chairman and CEO of Woodward. “This targeted transaction is good for our customer and members and will allow us to focus resources on products that will drive the most value as part of Woodward. I am grateful for our Greenville members’ longtime dedication to Woodward and to serving the customer. They will have opportunities to continue their great work as GE Vernova takes on ownership of the operations.” For more than 50 years, GE Vernova has held a significant presence in the Greenville area, supporting several local charities including the United Way, Roper Mountain Science Museum and American Heart Association, and other organizations, like the Greenville Drive, Peace Center and others. GE Vernova’s Greenville operations include manufacturing gas turbines and providing global engineering support, in addition to other activities. “We are excited to acquire and integrate this critical capability for our domestic supply chain as we continue to see increasing demand for our heavy duty gas turbines and upgrades globally,” said Eric Gray, President & CEO, GE Vernova’s Gas Power business. “Welcoming these experts to our Greenville, S.C., team will further enable us to address this growing demand from our customers and meet the electrification needs of our country while serving as an indicator of our commitment to the industry and the community.” The transaction is expected to close in early 2025, subject to certain closing conditions. Woodward has determined that the transaction is not financially material, and the amount of the transaction is not disclosed. Woodward is working closely with the GE Vernova team to enable a smooth transition for members who work in Greenville. About Woodward, Inc. Woodward (NASDAQ: WWD...

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