Woodward Signs Agreement to Sell Gas Turbines Business to GE Vernova
Deal News | Nov 18, 2024 | Globenewswire
Woodward, a leader in aerospace and industrial energy solutions, announced the divestment of its heavy-duty gas turbines combustion parts business based in Greenville, South Carolina, to GE Vernova. The transaction, set to complete in early 2025 pending standard closing conditions, involves assets serving GE Vernova and marks a strategic focus for Woodward, enhancing its resources in high-value products. GE Vernova, with over five decades of operations in Greenville, underlines its commitment by integrating these capabilities into its extensive gas power business, addressing rising global demand for gas turbines. This divestment aligns with both companies' goals of enhancing their core operations and serving their community and customers efficiently.
Sectors
- Aerospace and Industrial Equipment
- Energy and Power Generation
Geography
- United States – The transaction involves companies headquartered in the U.S. with operations, particularly in Greenville, South Carolina.
Industry
- Aerospace and Industrial Equipment – Woodward operates in designing and manufacturing energy control solutions for aerospace and industrial markets, relevant to its divested business segment.
- Energy and Power Generation – GE Vernova, as an energy company focused on power generation and electrification, is acquiring Woodward's gas turbines business to enhance its capabilities.
Financials
- Not disclosed – The financial terms of the transaction were not disclosed.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Woodward, Inc. | Target Company/Seller | Company | A global leader in aerospace and industrial energy control solutions, selling its gas turbines combustion parts business. |
| GE Vernova | Buyer | Company | A global energy company acquiring Woodward's gas turbines business to strengthen its domestic supply chain. |
| Chip Blankenship | Chairman and CEO of Woodward | People | CEO of Woodward, overseeing the divestment to GE Vernova. |
| Eric Gray | President & CEO of GE Vernova’s Gas Power business | People | Leading the acquisition of Woodward's business by GE Vernova. |