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Woodward Reaches Definitive Agreement to Acquire Integral Drive Systems

March 23, 2011 by Jeff Shepard

Woodward, Inc. announced that it has reached a definitive agreement to acquire Integral Drive Systems AG and its European companies, including their respective holding companies ("IDS"), as well as the key assets of IDS’ business in China, for a total amount of approximately $36 million in cash.

IDS is described as a leader in innovative power electronic systems predominantly in utility scale wind turbines and photovoltaic plants. Additionally, IDS offers key products in power distribution, marine propulsion systems and specialized solutions. Besides wind turbines and photovoltaic plants, its products are used in offshore oil and gas platforms, energy storage and distribution systems and a variety of industrial applications.

IDS, based in Switzerland, also has operations in Bulgaria and China. Approximately 200 people are employed by the company. In 2010, IDS’ sales were approximately $34 million.

"IDS will be a great fit within our Electrical Power Systems business segment, adding to our wind converter offerings and reducing Woodward’s time to market with expansion into solar energy, energy storage and marine drives. Its important products, markets and customers will further enhance Woodward’s overall position in power electronics," said Gerhard Lauffer, President, Woodward Electrical Power Systems.

The transactions remain subject to certain closing conditions, and are expected to close in the third quarter of this fiscal year.