UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CURRENT REPORT
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| Item 8.01 | Other Events. |
On January 31, 2020, subsidiaries of Woodward, Inc. (the “Company”) entered into definitive agreements to sell certain assets related to the Company’s renewable power systems and protective relays businesses to affiliates of AURELIUS Group for $23.4 million, subject to customary purchase price adjustments, consisting of cash and a $6 million promissory note.
The assets are primarily located in Germany, Poland and Bulgaria and accounted for approximately $80 million of sales in fiscal 2019. In anticipation of this transaction, based on current estimates, the Company recorded an after-tax impairment of $27 million in the first quarter of its fiscal year 2020. The transaction is subject to customary closing conditions and is expected to close early in the third quarter of fiscal year 2020.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| Woodward, Inc. | ||||
| Dated: February 3, 2020 |
By: |
/s/ A. Christopher Fawzy | ||
| Name: |
A. Christopher Fawzy | |||
| Title: |
Corporate Vice President, General Counsel, Corporate Secretary and Chief Compliance Officer | |||