Woodward Governor Company (Nasdaq:WGOV) has acquired Fuel Systems Textron, Inc. (“FST”) from Textron, Inc. (NYSE:TXT). With 1997 revenues of $82 million, FST is a leader in the design, development and manufacture of fuel injection nozzles, spray manifolds, and fuel metering and distribution valves for gas turbine engines. FST serves the aircraft (military and commercial) and industrial engine markets and also provides commercial repair and overhaul services. FST is headquartered in Zeeland, Michigan, has 440 employees and operates manufacturing facilities in Zeeland, Michigan; Harvard, Illinois; and Greenville, South Carolina.
Woodward is a leading global provider of innovative engine controls and fuel delivery systems for a wide variety of applications including aircraft, industrial engines and turbines, marine, locomotive, heavy vehicles, power generation, gas generation and process manufacturing.
Textron Inc. is a global multi-industry conglomerate with market leading operations in the aircraft, automotive, industrial and finance markets.
Woodward acquired Fuel Systems Textron in a $160 million cash transaction. Philpott Ball & Werner served as advisor to Woodward.