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Woodward, Hexcel Call Off Merger Due To Coronavirus Impacts

Cal Biesecker By
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Woodward, Hexcel Call Off Merger Due To Coronavirus Impacts
Nick Stanage, chairman, president and CEO of Hexcel. The merger plan called for him to be CEO of Woodward Hexcel. Photo: Hexcel

Aerospace and defense suppliers Woodward Inc. [WWD] and Hexcel Corp. [HXL] on Monday announced they have mutually terminated their merger agreement, saying the ongoing coronavirus pandemic has limited the benefits to the combination. “While we both believed from the outset, and continue to believe, in the benefits of a combined Woodward and Hexcel, we mutually concluded after careful consideration that given the significant uncertainty in the market, it would not be prudent to continue to pursue the combination and integration…

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