Woodward Governor Company has reached a definitive agreement to acquire HR Textron for approximately $365 million in cash. Under the purchase agreement, Woodward would acquire all of the outstanding capital stock of HR Textron from Textron Inc., its parent company, and the UK assets used in HR Textron’s business. HR Textron would become a wholly owned subsidiary of Woodward and be integrated into Woodward’s Airframe Systems business segment. HR Textron’s net sales were approximately $260 million in 2008 and the addition is expected to be approximately neutral to Woodward’s earnings per share in fiscal 2009 and accretive in 2010.
HR Textron is an industry leader in the advanced technology, engineering development, and manufacturing of mission-critical actuation systems and controls for weapons, aircraft, turbine engines, and combat vehicles.
