Woodward and Hexcel are merging in an all-stock deal that would create one of the largest suppliers in the aerospace and defense industry. The companies say the tie-up will allow them to create more efficient aircraft that will reduce emissions, a big hurdle for the aerospace industry. The new company, called Woodward Hexcel, will generate more than $5 billion in annual sales with a market capitalization nearing $14 billion and more than 16,000 employees. Woodward Hexcel will have manufacturing operations in 14 countries on five continents. The deal is expected to close in the third quarter.
