Hexcel and Woodward have announced they are no longer planning on going through with their previously announced merger due to the impact of Coronavirus.
“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 of our companies in a merger of equals.”
Tom Gendron CEO and President of Woodward, and Nick Stanage CEO and President of Hexcel
The news about the merger falling through comes as a number of other companies have suspended plans to complete M&A transactions.