Woodward, Hexcel attempt to become a force in aerospace
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.
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.