Woodward Making $50 Million Investment in the Rockford Area
FOR RELEASE: Wednesday, June 25, 2008, 3 p.m.
CONTACT: Rose Briani-Burden
Business Communications
815-639-6282
Rockford, Ill., June 25, 2008 – Woodward Governor Company (Nasdaq: WGOV) announced today at a ceremony on the front lawn of its Loves Park facility that they are making a $50 million investment to accommodate growth, better position Woodward for future success, and modernize the Loves Park facility.
“This investment is being made for multiple reasons,” says Tom Gendron, Woodward Chairman and CEO. “In today’s global market you must be able to differentiate yourself, and the lynch pin of this investment is a new STF (Systems Test Facility). In addition, the growth of our aircraft business requires us to add space and upgrade our facilities and equipment.”
Woodward is expected to break ground in July on a multi-million dollar, 45,000 square foot STF at the North Second Street location. It will house a state-of-the-art test facility for aircraft engine fuel and control systems. The anticipated completion date is the end of September 2009.
Land clearing for the 10,000-square-foot cafetorium began earlier this month. The multipurpose area will be linked to the main building via a glass-enclosed walkway and house a kitchen and dining room. It will also be used for all-employee meetings and other assemblies.
The current cafeteria space will be converted to manufacturing (almost 20,000 square feet) and office space (over 8,000 square feet). The cafetorium is expected to open in January 2009.
“This announcement is exciting for both the city of Loves Park and the region as a whole,” says Loves Park Mayor Darryl Lindberg. “Woodward has a long history of providing quality products and a strong commitment to the community.”
“These investments align with our strategic focus and vision to set the global standard for energy control and optimization solutions,” says Gendron. “Our future success is dependent on our abilities as a systems provider. The STF will set new standards for testing capabilities, flexibility, and safety. This will ultimately translate into increased customer satisfaction, which ensures a stable and growing business for Woodward and the Rockford area.”
About Woodward
Woodward is an independent designer, manufacturer, and service provider of energy control and optimization solutions for engines, aircraft and industrial turbines, and electrical power system equipment. The company’s innovative fluid energy, combustion control, electrical energy, and motion control systems help customers offer cleaner, more reliable, and cost-effective equipment. Woodward is headquartered in Fort Collins, Colo., USA and serves global markets in aerospace, power and process industries, and transportation. Visit our website at http://www.woodward.com/.
The statements in this release concerning the company’s future sales, earnings, business performance, prospects, and the economy in general reflect current expectations and are forward-looking statements that involve risks and uncertainties. Actual results could differ materially from projections or any other forward-looking statement and we have no obligation to update our forward-looking statements. Factors that could affect performance and could cause actual results to differ materially from projections and forward-looking statements are described in Woodward’s Annual Report and Form 10-K for the year ended September 30, 2007, and the Quarterly Report Form 10-Q for the quarters ended December 31, 2007 and March 31, 2008.