FORT COLLINS, CO -- (Marketwire - Aug 23, 2012) - Woodward, Inc. (NASDAQ: WWD) today announced that the company intends to establish a second campus in the greater-Rockford, Illinois area for its Aircraft Turbine Systems business.
The new campus will be located in Loves Park, Illinois on a 60-acre site bordered by Perryville, Harlem, and Forest Hills Roads and will be referred to as the Woodward Rock Cut Campus. Initial site development will include production and office facilities of approximately 300,000 square-feet.
The decision was made after a year-long investigation of alternatives to address the growth expected over the next decade and beyond. The growth has been stimulated by recent wins on the CFM International LEAP-X, Pratt & Whitney PurePower®, and General Electric Passport aircraft engine platforms. These awards mean that upon entry into service of the Airbus A320neo and Boeing 737 MAX, Woodward will be on board every narrowbody aircraft produced.
"Our success in gaining new business created numerous investment opportunities," said Woodward Chairman and CEO Thomas A. Gendron. "Ultimately, we decided to remain and grow in the Rockford region due to the strong support of Governor Quinn, the proximity of the new site to our current campus, and the quality of both the aerospace engineering and manufacturing talent."
Woodward anticipates investing $200 million or more over the next ten years in land, building and equipment between its two area campuses and approximately doubling its workforce by the end of 2021.
According to an independent study by the Northern Illinois University Center for Governmental Studies, Woodward's presence in the Rockford area is estimated to support over 5,700 jobs within Woodward and the local community in 2021, generating over $485 million of combined annual compensation. The study estimates the resulting total value of the economic output created in the community on an annual basis is expected to be $2.4 billion by 2021, with approximately $790 million of value added.
"We are pleased that the investments we are making and the jobs we are providing will have such a broad impact on the community," said Sagar Patel, President, Aircraft Turbine Systems. "We were impressed with the long-term vision and cooperation between Loves Park, Winnebago County, and Illinois leaders through the entire process. This was an important differentiator as we narrowed our search among several other states."
The State of Illinois, Winnebago County, and the City of Loves Park are providing incentives to Woodward under various programs. Woodward is in the process of finalizing the incentive agreements and selecting an architectural and engineering firm for building and site development plans. Woodward projects the groundbreaking to take place in the fall of 2012.
About Woodward, Inc.
Woodward is an independent designer, manufacturer, and service provider of control solutions for the aerospace and energy markets. Woodward is one of the Rockford region's largest employers and is an integral part of the region's aerospace industry cluster. Our aerospace systems and components optimize the performance of fixed wing and rotorcraft platforms in the commercial, business and military aircraft, ground vehicles and other equipment. Our energy-related systems and components enhance the performance of industrial gas and steam turbines, reciprocating engines, compressors, wind turbines, electrical grids and other energy-related industrial equipment. The company's innovative fluid energy, combustion control, electrical energy, and motion control systems help customers offer cleaner, more reliable and more efficient equipment. Our customers include leading original equipment manufacturers and end users of their products. Woodward is headquartered in Fort Collins, Colorado, USA. Visit our website at www.woodward.com.
