Wood­ward, Hex­cel at­tempt to be­come a force in aero­space

Antelope Valley Press - - BUSINESS - MICHELLE CHAP­MAN AP Busi­ness Writer

Wood­ward and Hex­cel are merg­ing in an all-stock deal that would cre­ate one of the largest sup­pli­ers in the aero­space and de­fense in­dus­try.

The com­pa­nies say the tie-up will al­low them to cre­ate more ef­fi­cient air­craft that will re­duce emis­sions, a big hur­dle for the aero­space in­dus­try.

Hex­cel’s stock jumped 9.6% at the open­ing bell Mon­day. Shares of Wood­ward rose 5.1%.

The new com­pany, called Wood­ward Hex­cel, will gen­er­ate more than $5 bil­lion in an­nual sales with a mar­ket cap­i­tal­iza­tion near­ing $14 bil­lion and more than 16,000 em­ploy­ees.

Wood­ward Hex­cel will have man­u­fac­tur­ing op­er­a­tions in 14 coun­tries on five con­ti­nents.

Both com­pa­nies sup­ply Air­bus and Boe­ing, in­clud­ing parts for the 737 Max.

AS­SO­CI­ATED PRESS

In this Nov. 1 im­age from video made avail­able from NASA, the H-II Trans­fer Ve­hi­cle-8 from the Ja­pan Aero­space Ex­plo­ration Agency is re­leased by a ro­botic arm from the In­ter­na­tional Space Sta­tion for de­or­bit.

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