Woodward Inc. Sells Gas Turbine Parts Business

Woodward, Inc. has reached a definitive agreement to sell its heavy-duty gas turbines combustion parts business in Greenville, SC, to GE Vernova, with the transaction expected to close in early 2025. This strategic divestiture aims to enhance GE Vernova's supply chain capabilities amid rising global demand for gas turbine upgrades, while allowing Woodward to concentrate on high-value products that fuel innovation and growth. Woodward's CEO emphasized the importance of the transition for employees, ensuring their continued employment under GE Vernova's ownership. GE Vernova's leadership expressed enthusiasm about integrating this critical asset to better serve the electrification needs of the country. The financial terms of the deal remain undisclosed, but Woodward has noted it is not materially impactful to its operations. The transaction reflects both companies' commitment to their respective markets and community support initiatives.