Woodward Provides Update on Pending HR Textron Acquisition
March 26 2009 - 5:48PM
Marketwired
Woodward Governor Company (NASDAQ: WGOV) today announced that it
expects to close on the previously announced agreement to acquire
the HR Textron business from Textron Inc. (NYSE: TXT) on April 2,
2009.
In addition, based on the current status of financing
negotiations, Woodward anticipates it will obtain reasonable
long-term financing to fund this acquisition without the need to
utilize the previously disclosed bridge commitment. There can be no
absolute assurance as to the final amount, type or terms of the
long-term financing until closing on such financing occurs.
About Woodward
Woodward is an independent designer, manufacturer, and service
provider of energy control and optimization solutions for
commercial and military aircraft, turbines, reciprocating engines,
and electrical power system equipment. The company's innovative
fluid energy, combustion control, electrical energy, and motion
control systems help customers offer cleaner, more reliable, and
more cost-effective equipment. Leading original equipment
manufacturers use our products and services in aerospace, power and
process industries, and transportation. Woodward is headquartered
in Fort Collins, Colo., USA and serves global markets in aerospace,
power and process industries, and transportation. Visit our website
at www.woodward.com.
Information in this press release contains forward-looking
statements within the meaning of the Private Securities Litigation
Reform Act of 1995 that involve risks and uncertainties, including,
but not limited to, statements regarding the ability of Woodward to
complete the acquisition of the HR Textron business and the
anticipated time frame of the closing, the manner in which Woodward
intends to finance the acquisition, the likelihood of obtaining
such financing and the availability of sufficient liquidity to
satisfy these funding requirements. Readers are cautioned that
these forward-looking statements are only predictions and are
subject to risks, uncertainties, and assumptions that are difficult
to predict. Factors that could cause actual results and the timing
of certain events to differ materially from the forward-looking
statements include, but are not limited to, Woodward's inability to
obtain substitute or additional financing for the bridge facility,
if necessary, on commercially acceptable terms or at all, the type,
amount and terms of any financing used to replace or substitute for
the bridge facility, the inability of the parties to consummate the
acquisition of HR Textron, conditions in the capital and financial
markets generally, interest rates, general economic conditions and
other risk factors described in Woodward's Annual Report on Form
10-K for the year ended September 30, 2008, and the Quarterly
Report on Form 10-Q for the quarter ended December 31, 2008.
CONTACT: Mike Schablaske Director Tax & Treasury
815-639-6697 Woodward Governor Company 1000 East Drake Road Fort
Collins, Colorado 80525, USA Tel: 970-482-5811 Fax:
970-498-3058
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