Woodward closes sale of European renewable energy businesses

FORT COLLINS — Woodward Inc. (Nasdaq: WWD) completed its $23.4 million spin-off of its renewable power systems business to German asset manager AURELIUS Group KGaA.

The business sector, which primarily focuses on building wind turbine power converters and providing ongoing maintenance, has offices in Kempen, Germany and Krakow, Poland. It has 410 employees and provided approximately $80 million of the company’s $2.9 billion in sales last year.

The Fort Collins power systems maker announced the sale of the business in February. It was expected to close in the third quarter of the year.

Plans to sell the business were in motion before the coronavirus’ wide-ranging effects on the aerospace industry forced Woodward and Hexcel Corp. (NYSE: HXL) to cancel their merger efforts and prompted Woodward to cut 15% of its staff by the end of the year.

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