(MENAFN) GE Aviation Systems has agreed to sell part of its business to Woodward Inc for USD200 million in cash, the Business Journals reported.
Woodward, based in Colorado, said it was preparing to close on an agreement to buy the GE Aviation Systems' hydraulic thrust reverser actuation systems business located in Duarte, Calif.
As part of the deal, both companies are signing on to a preferred supplier agreement for thrust reverser actuation systems.
The Duarte Business serves customers such as Boeing, GE, Safran and the US government. Its products are used primarily on commercial aircraft such as the Boeing 737, 747 and 777, and Airbus A320.
For fiscal year 2013, the Duarte Business' sales are expected to be about USD150 million.
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