US aircraft parts makers Hexcel and Woodward have announced plans to merge, saying the combined company will create efficiencies by offering a broader product portfolio and pooling research and development efforts.
According to a 12 January news release, the new firm will be "one of the world's largest aerospace and defence suppliers", with more than 16,000 employees. It will have more than USD5 billion in annual revenue, more than USD1 billion in yearly earnings before interest, tax, depreciation, and amortisation (EBITDA), and an annual research and development budget of about USD250 million.
"Through our combined scale and strong cash flow profile, we will be even better positioned to accelerate innovation in aerodynamics and propulsion efficiencies and support evolving customer needs," said Nick Stanage, Hexcel's chairman, CEO and president.
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