Woodward and Hexcel Corporation announce mutual agreement to cancel their merger

Woodward and Hexcel Corporation announced (06-Apr-2020) they have mutually agreed to terminate their all-stock merger agreement. The termination was approved by the board of both companies, 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 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 realise 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. [more - original PR]