Woodward to divest turbine-parts business

FORT COLLINS — Woodward Inc. has signed an agreement to sell its heavy-duty gas turbines combustion parts business based in Greenville, South Carolina.

Under the pact announced Monday, GE Vernova (NYSE: GEV) will also acquire assets from Fort Collins-based Woodward (Nasdaq: WWD) that are dedicated to supplying parts and services to GE Vernova.

“We are pleased to sign this agreement with GE Vernova,” Chip Blankenship, chairman and CEO of Woodward, said in a prepared statement. “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.”

GE Vernova’s operations in Greenville include manufacturing gas turbines and providing global engineering support. For more than 50 years has supported several local charities in the area.

“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,” Eric Gray, president and CEO of GE Vernova’s Gas Power business, said in a news release. “Welcoming these experts to our Greenville 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.”

Financial details of the transaction were not disclosed, but the deal is expected to close early next year subject to certain conditions. Woodward is working closely with the GE Vernova team to enable a smooth transition for members who work in Greenville.

Woodward designs, manufactures and services energy-conversion and control solutions for the aerospace and industrial equipment markets.

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