Woodward Implements Actions in Response to the Economic Impact of COVID-19 and Adopts Stockholder Rights Plan - Seite 3

The rights will be exercisable if a person or group acquires 15% or more of Woodward’s common stock without the approval of the Board. In that instance, each right will entitle its holder (other than such acquiring person or group) to purchase, at the exercise price, a number of shares of Woodward’s common stock having a then-current market value of twice the exercise price. Alternatively, in the event the rights become exercisable, the Board may elect to exchange one share of Woodward’s common stock for each outstanding right (other than rights owned by the acquirer(s)).

The dividend distribution will be made on April 16, 2020, payable to stockholders of record on that date, and is not taxable to stockholders. The rights will expire on April 5, 2021.

Additional details about the Rights Plan will be contained in a Form 8-K to be filed by Woodward with the Securities and Exchange Commission.

About Woodward, Inc.

Woodward is an independent designer, manufacturer, and service provider of control system solutions and components for the aerospace and industrial markets. The company's innovative fluid, combustion, electrical, 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 a global company headquartered in Fort Collins, Colorado, USA. Visit our website at www.woodward.com.

Notice Regarding Forward-Looking Statements

Certain of the matters discussed in this release which are not statements of historical fact constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 that involve risks and uncertainties. Words such as “strategy,” “expects,” “continues,” “plans,” “anticipates,” “believes,” “will,” “estimates,” “intends,” “projects,” “goals,” “targets” and other words of similar meaning are intended to identify forward-looking statements but are not the exclusive means of identifying these statements.  Forward looking statements in this release include, but are not limited to statements regarding Woodward’s beliefs regarding the economy and planned actions in relation to the current economic environment, including actions with respect to cash management, employees, working capital, expenses and compensation of officers and employees, the company’s dividend and strategies for navigating the current environment and the expected consequences of such strategies as well as statements about the Rights Plan. Important factors that may cause actual results and outcomes to differ materially from those contained in such forward-looking statements include, without limitation, risks relating to the coronavirus (COVID-19) pandemic and its effect on U.S. and world financial markets, changes in consumer behaviors and impacts on and modifications to the operations and business of Woodward relating thereto, the business, economic and political conditions in the markets in which Woodward operates; and the fact that Woodward’s reported earnings and financial position may fluctuate or be adversely affected by factors outside of Woodward’s control.  Other important factors that may cause actual results and outcomes to differ materially from those contained in the forward-looking statements included in this release are described in Woodward’s and Hexcel’s publicly filed reports, including Woodward’s Annual Report on Form 10-K for the year ended September 30, 2019 and its Quarterly Report on Form 10-Q for the quarter ended December 31, 2019.