Woodward Signs Multi-Year Agreement With REpower to Supply Wind Power Converters

Woodward Governor Company (NASDAQ: WGOV) today announced that it signed a multi-year agreement with REpower Systems AG, Germany that will substantially increase deliveries of Woodward wind power converters to REpower. As a result of this agreement, Woodward will extend its key supplier relationship to cover REpower’s full wind turbine portfolio, including onshore and offshore turbines.

“This agreement significantly strengthens our relationship with REpower, especially in Europe and the US,” said Gerhard Lauffer, President, Electrical Power Systems. “As the wind turbine market recovers from the past year, we anticipate solid growth for the market and our power converter business.”

Woodward will manufacture the CONCYCLE(R) power converters for REpower at its facilities in Kempen, Germany; Krakow, Poland; and Fort Collins, CO, US. Power converters are a critical component for delivering stable, high-quality power to the grid by controlling the voltage and power from the wind turbine generator, so that voltage and frequency are constant and independent of the variable rotation speed of the wind turbine.

“Woodward is a key supplier for REpower and we are pleased with this extension to our relationship,” said Jeroen Kossen, Senior Vice President Global Sourcing of REpower Systems AG.

About Woodward

Woodward is an independent designer, manufacturer, and service provider of energy control and optimization solutions used in global infrastructure equipment. We serve the aerospace and defense, power generation and distribution, and transportation markets. Our systems and components optimize the performance of commercial aircraft; military aircraft, ground vehicles and other equipment; gas and steam turbines; wind turbines; reciprocating engines; and electrical power systems. The company’s innovative fluid energy, combustion control, electrical energy, and motion control systems help customers offer cleaner, more reliable and more cost-effective equipment. Our customers include leading original equipment manufacturers and end users of their products. Woodward is headquartered in Fort Collins, CO, US. Visit our website at www.woodward.com.

About REpower Systems AG

REpower Systems AG is one of the leading manufacturers of onshore and offshore wind turbines. The international mechanical engineering company develops, produces and markets wind turbines with rated outputs of 1.8 MW to 6.15 MW and rotor diameters of 82 meters to 126 meters for almost any location. The company also offers a comprehensive portfolio of service and maintenance packages. The profitable and reliable systems are designed at the REpower TechCenter in Osterroenfeld and manufactured at its plants in Husum (North Friesland), Trampe (Brandenburg) and Bremerhaven as well as Portugal and China.

With more than 2,200 employees worldwide, the company, which has been listed since March 2002 and is headquartered in Hamburg, can make use of the experience gained from the manufacture and installation of around 3,000 wind turbines around the world. REpower is represented by distribution partners, subsidiaries and participations in European markets such as France, Belgium, the UK, Italy, Portugal, Sweden, Poland and Spain as well as on a global level in the US, Japan, China, Australia and Canada.

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. These forward-looking statements include but are not limited to our expectation that with the agreement with REpower, Woodward will substantially increase its deliveries of wind power converters to REpower, Woodward will extend its key supplier relationship, covering REpower’s wind turbine portfolio, including onshore and offshore turbines, Woodward will strengthen its relationship with REpower, particularly in Europe and the US, and Woodward will manufacture the CONCYCLE(R) power converters for REpower at its facilities in Kempen, Germany; Krakow, Poland; and Fort Collins, CO, US; our expectation that the wind turbine market will recover from the past year; and our anticipation of solid growth for the market and our power converter business as the anticipated recovery of the wind turbine market occurs. 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 Form 10-K filed for the year ended September 30, 2009 and any subsequently filed Report on Form 10-K or Form 10-Q.


Source: woodward, November 12, 2010;