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Hexcel & Woodward Call Off $6.4B Merger Due To Ongoing COVID-19 Pandemic

By John F. Heerdink, Jr.

As per reports, Boeing (NYSE: BA) suppliers Hexcel Corp and Woodward Inc have called off their all-stock merger, a $6.4 billion deal due to worldwide travel bans amid coronavirus pandemic.

Boeing is Hexcel’s second-biggest customer, contributing to a quarter of the company’s annual sales.

“Although we are disappointed with this outcome, we are confident this is the right decision for our customers, our shareholders, and our employees,” the companies said in a joint statement.

Boeing to extend the suspension of its grounded 737 MAX aircraft at its Washington state facilities until further notice, as informed by the company.

Dow 30 component Boeing (NYSE: BA) is the world’s largest aerospace company and leading manufacturer of commercial jetliners and defense, space and security systems. To learn more about Boeing (BA) and to track its ongoing progress please visit the Vista Partners Boeing (BA) Coverage Page.

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(Read Original Story: Boeing suppliers Hexcel and Woodward scrap merger as coronavirus hits demand in Reuters)


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