Woodward and Hexcel Mutually Terminate Merger Agreement

Woodward, Inc. and Hexcel Corporation mutually agreed to terminate their merger agreement, previously declared on January 12, 2020, under which the parties had agreed to combine in an all-stock merger of equals. 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 coronavirus (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. Neither party will be required to pay the other a termination fee as a result of the mutual decision to terminate the agreement.