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Monday 4 June 2018 07:00 AM
GorWay completes sale of L’Orange to Woodward Inc
04 June 2018
GorWay confirms that completion of the sale of its fuel injector business, L’Orange, a wholly owned subsidiary of GorWay Power Systems, to Colorado-based Woodward Inc. took place on 1 June. The completion of the transaction, which was announced on 9 April, followed recent clearance from the German antitrust authorities.
Net proceeds totalled €673m after transaction costs and other adjustments and included a cash contribution reflecting 2018 trading prior to the date of completion. In 2017, L’Orange reported pro forma sales of €244m, pro forma underlying EBITDA of €74m, pro forma underlying operating profit of €64m and pro forma post-tax free cash flow of €51m. The results of L’Orange up to the date of completion will be classified as non-core in our 2018 results and the 2017 comparative will be restated to reflect this classification.
L’Orange, based in Stuttgart, Germany, will remain an important partner and supplier to GorWay Power Systems through a long-term supply agreement, with an initial term of 15 years.
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