Woodward Buys "Duarte" Unit From GE Aviation
On Friday, aerospace and energy control solutions provider Woodwardannounced that it has signed an agreement to buy General Electric Aviation Systems' hydraulic thrust reverser actuation systems business.
The $200 million cash transaction was expected to close today.
The business in question, referred to as the "Duarte Business" because it is located in Duarte, Calif., sells primarily to commercial aircraft and engine makers such as Boeing , GE itself, engine-making partner Safran, and also the U.S. government. The Duarte Business employs about 350 people.
According to Woodward, it anticipates Duarte will record approximately $150 million in sales in fiscal 2013. The company furthermore said this deal will be "slightly accretive" to its per-share earnings in fiscal 2013.
The article Woodward Buys "Duarte" Unit From GE Aviation originally appeared on Fool.com.Fool contributor Rich Smith has no positions in the stocks mentioned above. The Motley Fool owns shares of General Electric Company. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.