FORT COLLINS, Colo., Jan. 04, 2016 (GLOBE NEWSWIRE) -- Woodward, Inc. (NASDAQ:WWD) and GE Aviation today announced the formal creation of the large engine fuel systems joint venture announced on May 20, 2015. Under terms of the agreements related to the joint venture, Woodward today received $250 million from GE Aviation in exchange for GE Aviation’s acquisition of its equity interest in the joint venture. GE Aviation and Woodward will participate equally in the operating results of the joint venture programs and the future cash flows from the joint venture.
The joint venture will design, develop, source, supply and service fuel system components from the inlet up to the fuel nozzle for the GE90, GEnx, GE9X and all future large commercial engines developed by GE Aviation.
Woodward will be the preferred supplier to the joint venture. As a result, Woodward content on the GE9X engine will increase significantly, compared to the GE90 engine.
As previously announced, Woodward has completed $125 million in share repurchases through an accelerated stock repurchase program in the second half of fiscal year 2015. This was part of a previously announced $250 million share repurchase initiative, and Woodward intends to complete the remaining $125 million in share repurchases during the first half of fiscal year 2016.
About Woodward, Inc.
Woodward is an independent designer, manufacturer, and service provider of control system solutions and components for the aerospace and industrial markets. The company's innovative fluid, combustion, electrical, and motion control systems help customers offer cleaner, more reliable, and more efficient equipment. Our customers include leading original equipment manufacturers and end users of their products. Woodward is a global company headquartered in Fort Collins, Colorado, USA. Visit our website at www.woodward.com, and connect with us at www.facebook.com/woodwardinc.
Notice Regarding Forward-Looking Statements
The statements in this release contain forward-looking statements that involve risks and uncertainties, including statements concerning the company’s quarterly cash dividend. Actual results could differ materially from projections or any other forward-looking statements and we have no obligation to update our forward-looking statements. Factors that could affect performance and could cause actual results to differ materially from projections and forward-looking statements are described in Woodward's Annual Report and Form 10-K for the year ended September 30, 2015 and any subsequently filed Quarterly Report on Form 10-Q.
CONTACT: Don Guzzardo Director, Investor Relations & Treasury 970-498-3580 Don.Guzzardo@Woodward.com