Woodward Inc (NASDAQ: WWD) said this week it had agreed to sell its heavy duty gas turbines combustion parts business based in Greenville, S.C., to GE Vernova Inc (NYSE: GEV).
The deal is expected to be finalized in early 2025.
“This targeted transaction is good for our customer and members and will allow us to focus resources on products that will drive the most value as part of Woodward. I am grateful for our Greenville members’ longtime dedication to Woodward and to serving the customer. They will have opportunities to continue their great work as GE Vernova takes on ownership of the operations,” Chip Blankenship, Chairman and CEO of Woodward, said in a press release.
“We are excited to acquire and integrate this critical capability for our domestic supply chain as we continue to see increasing demand for our heavy duty gas turbines and upgrades globally. Welcoming these experts to our Greenville, S.C., team will further enable us to address this growing demand from our customers and meet the electrification needs of our country while serving as an indicator of our commitment to the industry and the community,” Eric Gray, President and CEO of GE Vernova’s Gas Power business, commented.
Stock Performance
The shares of Woodward Inc (WWD) closed 0.22% ($0.37) higher at $169.91 on Nasdaq on Monday.
The stock has risen 24.81% so far this year.
And, the shares of GE Vernova Inc (GEV) closed 1.33% ($4.39) lower at $325.37 in New York on Monday.
The stock has risen 182.93% so far this year.
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