Woodward to merge with Hexcel to form expected $6B company

FORT COLLINS– Woodward Inc. (Nasdaq: WWD) has agreed to an all-stock merger with Hexcel Inc. (NYSE: HXL) that the two companies say will create a company with $5.3 billion in annual revenue.

In a joint press release Sunday afternoon, the newly formed “Woodward Hexcel” deal would form a major market competitor with $1 billion in free cash flow per year within the defense, aerospace and industrial supplier industries. The deal was presented as a merger of equals, but current Hexcel shareholders would own 45 percent of the new company, while Woodward would hold 55 percent.
Woodward Hexcel would be headquarted in…