WREX.com – Rockford’s News LeaderWoodward sees decline in orders

Woodward sees decline in orders

ROCKFORD (WREX) - Woodward Governor says the struggling economy is hurting its sales.

Woodward is seeing less orders for things like industrial engines, business jets and power distribution controls.

In a statement Woodward says, "We have prepared for this economic downturn for a number of years and developed a series of escalating actions to be taken based on the severity of the decline. As a result, we are and will continue to execute on those actions previously identified to limit any adverse impact on our operating results attributable to this decline in sales."

As a result, the company is revising its financial outlook for the year.

Meanwhile, Woodward has announced its reached an agreement to acquire HR Textron for $365 million in cash.

HR Textron is an industry leader in the advanced technology, engineering development, and manufacturing of mission-critical actuation systems and controls for weapons, aircraft, turbine engines, and combat vehicles.

"We believe the combination of HR Textron and Woodward's Airframe Systems business will significantly enhance the value of the technologies and related systems offerings of each business, positioning us for greater growth in motion control applications in the aerospace and defense markets," said Thomas A. Gendron, Woodward Chairman and Chief Executive Officer. "The combination of hydraulic and electromechanical actuation capabilities enables Woodward to provide our customers with broader and more valuable systems solutions."

The deal is expected to be completed by April 2009.