Woodward to Sell Heavy Duty Gas Turbines Combustion Parts Unit to GE Vernova

Dow Jones11-19

By Sabela Ojea

Woodward is selling its heavy duty gas turbines combustion parts business to GE Vernova for an undisclosed amount.

The aerospace and industrial energy control solutions company on Monday said that the definitive agreement to sell the business, based in Greenville, S.C., would allow it to focus resources on products that will drive the most value as part of Woodward.

Under the terms of the agreement, GE Vernova will acquire assets related to the business that are dedicated to supplying parts and services to GE Vernova.

The transaction is expected to close in early 2025, Woodward said.

GE Vernova's Chief Executive Eric Gray said the deal is key for its domestic supply chain as it continues to see increasing demand for its heavy duty gas turbines and upgrades globally.

GE Vernova was spun off from General Electric in April.

Write to Sabela Ojea at sabela.ojea@wsj.com; @sabelaojeaguix

(END) Dow Jones Newswires

November 18, 2024 18:55 ET (23:55 GMT)

Copyright (c) 2024 Dow Jones & Company, Inc.

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