Woodward and MPC Products Corporation have entered into a definitive stock purchase agreement under which Woodward would acquire MPC in a transaction valued at approximately $383 million. MPC, a privately-held company headquartered in Skokie, Ill., operated under the leadership of Joseph Roberti and Vincent Roberti for more than 45 years. MPC is an industry leader in the manufacture of high-performance electromechanical motion control systems primarily for aerospace applications. MPC’s net sales were $195 million for its fiscal year ended December 31, 2007. The company would become a wholly-owned subsidiary of Woodward. The addition of MPC is expected to be accretive to Woodward’s results in fiscal 2009.
The acquisition is anticipated to be completed in October 2008. Woodward will also assume MPC indebtedness and certain other obligations. Woodward expects to pay approximately $337 million at closing for all outstanding shares and to repay MPC’s outstanding debt, which is currently $22 million.
