Although we are disappointed with this outcome, we are confident this is the right decision for our customers, our shareholders, and our employees as it allows each of us to dedicate our focus and resources toward ensuring Woodward and Hexcel each remain strong and closely connected with our customers and supply chains during these unparalleled times

The termination was approved by the Boards of Directors of both companies and is in response to the increasing impact on both the aerospace and industrial sectors, and global markets broadly, resulting from the health crisis caused by the COVID-19 pandemic. The pandemic has resulted in a need for each company to focus on its respective businesses and has impacted the companies’ ability to realize the benefits of the merger during these unprecedented times.

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In a deal worth over $6 billion the companies said existing Woodward shareholders will own approximately 55% and existing Hexcel shareholders will own approximately 45% of the combined company on a fully diluted basis. In connection with the transaction, Woodward is increasing its quarterly cash dividend to $0.28 a share. The merger is expected to be tax-free for US federal income tax purposes.

The combined company, to be named Woodward Hexcel and headquartered in Fort Collins, Colorado , will be among the top independent aerospace and defence suppliers globally by revenue. It will have more than 16,000 employees, manufacturing operations in 14 countries on five continents, and a diversified customer base across multiple markets. For each company’s respective fiscal year 2019 on a pro forma basis, the combined company is expected to generate net revenues of approximately $5.3 billion and EBITDA of $1.1 billion, or a 21% EBITDA margin.

Nick Stanage, Chairman, Chief Executive Officer and President of Hexcel, will serve as Chief Executive Officer of the combined company. Tom Gendron, Chairman, Chief Executive Officer and President of Woodward, will serve as Executive Chairman of the combined company until the first anniversary of the closing of the merger, at which time Mr. Gendron intends to retire from the company and will then serve as non-executive Chairman of the combined company until the second anniversary of the merger close. At that point, Mr. Stanage will assume the role of Chairman of the Board in addition to his CEO responsibilities. The combined company’s Board of Directors will have 10 members, consisting of five directors from each company, including Mr. Gendron and Mr. Stanage.

The transaction is subject to the approval of the shareholders of both Woodward and Hexcel, as well as other customary closing conditions, including required regulatory approvals. The parties expect the merger to close in the third calendar quarter of 2020, subject to satisfaction of these conditions.

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Hexcel innovations in polymer chemistry and material science, together with advanced fibres from the USA, were instrumental in the company being selected to supply all of the carbon fibre prepregs for the Airbus A350 XWB primary structures. Duxford is also Hexcel’s centre of excellence for process technology including product scale-up and research into new processes for making composite materials, including quality control methods.

The new centre will support the growing worldwide demand for composite materials for aerospace and industrial markets. The building houses Hexcel’s chemistry and product development functions and is fully equipped with state-of-the-art formulation and analytical laboratories, mixer rooms, and microscopy and SEM laboratories.

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When fully operational in 2017, the facility will convert the company’s honeycomb materials into engineered core parts that are used for structural reinforcement and light weighting in aerospace applications, including aircraft structures, engine nacelles and helicopter blades. In the interim, Hexcel will occupy a temporary facility on the Midparc site that will begin operating in Q4 2016. The plant is expected to employ more than 200 people by 2020.

The new facility, located in Casablanca is part of Hexcel’s ongoing investment to create a global supply chain to support aerospace customers’ growing demand for engineered core. In recent years, Hexcel has increased capacity at existing plants to support its engineered core business and plans further expansions to capture additional opportunities.

Along with the announcement of the new plant the company also announced that it has now finally acquired full ownership of Formax UK Limited, having purchased a 50% interest in the privately owned company in December 2014.

Located in Leicester, UK, Formax is a manufacturer of composite reinforcements, specialising in the production of lightweight carbon fibre multi-axials and highly engineered glass fibre and aramid fibre fabrics. The purchase of the remaining interest in Formax will allow Hexcel to further advance dry reinforcements technology for future aerospace applications and provide scale for growing industrial markets.

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The new carbon fibre facility will cover a 37-acre site at the Osiris Chemicals Industry Platform in Roussillon and will be composed of both polymerisation and carbonisation lines. The plant is part of Hexcel’s ongoing worldwide investment to create a supply chain to support the aerospace sectors growing demand for carbon fibre composites.

Nick Stanage, Hexcel Chairman, CEO and President, said,

Together with our capacity expansions in the U.S., this new facility in France will strengthen our global supply chain by adding precursor and additional carbon fibre capacity in Europe.

Carbon Fibre from the new plant will go to customers including Airbus for the A350 XWB and Safran for the CFM LEAP engine. Construction of the new plant will begin by September 2015 and is expected to employ 120 people when fully operational in early 2018.

The Roussillon facility is located close to Hexcel’s weaving and prepreg manufacturing facilities near Lyon. The company announced further investments totalling $22 million at these existing facilities to include capacity expansions at Hexcel’s carbon fibre weaving plant at Les Avenières, and an additional resin impregnation line in Dagneux, Montluel. These additional investments are expected to create 100 more jobs by 2018.

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Formax, located in Leicester, UK has estimated sales in 2014 of approximately $45 million. Hexcel’s interest is to advance knitting technology for future Aerospace applications and provide scale for growing Industrial markets.

Hexcel’s Chairman, CEO and President, Nick Stanage, stated:

This partnership demonstrates our commitment to growing our business, expanding our technologies and strengthening Hexcel’s position as a global leader in advanced composites.

The new announcement follows a Joint Development Agreement under which the two companies have been cooperating for the development and manufacture of certain non-crimp fabrics (NCF) for Hexcel and its Aerospace customers.

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The Duxford site is Hexcel’s largest centre for research into resin systems and adhesives, the site is also the company’s centre of excellence for process technology including product scale-up and research into new process methods for making composite materials, including quality control methods.

The company wants to create a brand new facility to house all its chemistry functions, to further expand R&T expertise and continue the development of leading edge technologies that will enable composite materials to go further into more industrial markets.

The new investment includes the expansion of the company’s mixing and filming systems to support large scale production of the composite materials required for the Airbus A350 XWB program. Resin films produced in Hexcel Duxford are combined with carbon fibre and converted into unidirectional prepreg at Hexcel plants in France, Spain, Germany and the USA.

Hexcel has also announced that it will invest in a new prepreg tower and honeycomb capacity expansions. The prepreg tower is expected to be qualified by early 2017 to support the increasing demand for aerospace programs including the A350 XWB.

Construction of the Innovation Centre is scheduled for completion in 2016 and is expected to create around 100 new jobs by 2017.

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In recent years the company has increased its precursor and carbon fibre capacities through expansions at existing facilities. The new facility in France will allow Hexcel to better support its European customer base and will also speed up the the supply chain by adding precursor and additional carbon fibre capacity.

Hexcel’s Chairman, CEO and President, Nick Stanage said;

I am delighted to announce Hexcel’s investment in our first precursor plant in Europe and our first carbon fibre capacity in France. The state of the art manufacturing facilities that we will build demonstrate our commitment to technology expansion around the world to provide an efficient global supply chain in support of customer programs.

The new French plant will occupy a 37 acre site at the Osiris Chemicals Industry Platform in Roussillon, which is close to Hexcel’s weaving and prepreg manufacturing facilities near Lyon. Carbon fibre from the new plant will be supplied to Hexcel customers including Airbus for the A350 XWB and Safran for the CFM LEAP engine. Construction of the new plant will begin by mid–2015 and it is expected to employ 120 people when fully operational in early 2018.

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The L3 is a revolutionary passenger seat dedicated for medium/short-haul flights, offering good space to passengers and to airlines a higher density and a lighter weight, below 4 kg per passenger. The manufacturing process of the seat, resulting from cooperation between Zodiac Seats and Hexcel will ensure a quick manufacturing and delivery time compared to current seats.

The all-composite seat has been manufactured using Hexcel’s carbon fibre prepreg product which provided light weight, mechanical resistance and an aesthetic appearance. The armrests and tray tables are manufactured from Hexcel’s HexMC compression moulding process, providing a unique look and strong resistance.

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De Bruyne wanted to use the 50 acre site as an airfield to indulge his passion for flying, and to carry out research into synthetic adhesives and composites for aircraft construction. The original company was registered as Aero Research Limited.

An early success at the site was an experimental urea formaldehyde resin that won approval from the UK Air Ministry for use in aircraft construction and was used in the de Havilland Mosquito. Duxford scientists went on to invent the first metal-to-metal adhesive for bonding aircraft structures and to manufacture aluminium honeycomb, based on a patent that de Bruyne had filed in 1938.

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Fast forward 80 years and the Duxford site continues to make breakthroughs in composites technology that benefit the world of aerospace and other high performance industries including automotive and wind energy. Hexcel’s European centre for Research and Technology developed a fibre-reinforced resin system selected by Airbus for all primary composite structures on the new A350 XWB.

Although Hexcel’s Duxford site has been operating and innovating for 80 years we are still at the beginning of the “Composites Age”. Composites are no longer considered specialty or niche products – they are now essential construction materials for all new aircraft programmes. Hexcel is expanding at Duxford and other sites in Europe and the USA to meet the growing demand for composites in the aerospace industry and other markets.

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