Woodward Announces Five-Year Maintenance, Repair and Overhaul Agreement with Lufthansa Technik
Woodward, Inc. (NASDAQ:WWD) has announced a five-year Maintenance, Repair, and Overhaul (MRO) Services agreement with Lufthansa Technik. This agreement extends their 25-year relationship, with Woodward continuing to provide MRO work for Lufthansa Technik's critical fuel system components at facilities in Rockford, IL, and Prestwick, UK. The collaboration covers Woodward-manufactured components for widebody and narrowbody engine types. John Di Silvestro, Woodward's Senior VP of Sales, Marketing & Services, emphasized the long-standing partnership, while Thomas Böttger, VP of Corporate Procurement at Lufthansa Technik, expressed readiness to expand the collaboration to other aircraft and engine types.
Woodward, Inc. (NASDAQ:WWD) ha annunciato un accordo di servizi di Manutenzione, Riparazione e Revisione (MRO) della durata di cinque anni con Lufthansa Technik. Questo accordo amplia la loro relazione venticinquennale, con Woodward che continuerà a fornire lavori MRO per i componenti critici dei sistemi di carburante di Lufthansa Technik presso le strutture di Rockford, IL, e Prestwick, UK. La collaborazione copre componenti prodotti da Woodward per motori a fusoliera larga e stretta. John Di Silvestro, Vice President Senior di Vendite, Marketing e Servizi di Woodward, ha sottolineato la partnership di lunga data, mentre Thomas Böttger, Vice President degli Acquisti Corporate di Lufthansa Technik, ha espresso la disponibilità ad espandere la collaborazione ad altri tipi di aeromobili e motori.
Woodward, Inc. (NASDAQ:WWD) ha anunciado un acuerdo de Servicios de Mantenimiento, Reparación y Revisión (MRO) de cinco años con Lufthansa Technik. Este acuerdo extiende su relación de 25 años, con Woodward continuando a proporcionar trabajos MRO para los componentes críticos del sistema de combustible de Lufthansa Technik en instalaciones en Rockford, IL, y Prestwick, UK. La colaboración abarca componentes fabricados por Woodward para tipos de motores de fuselaje ancho y estrecho. John Di Silvestro, Vicepresidente Senior de Ventas, Marketing y Servicios de Woodward, enfatizó la larga asociación, mientras que Thomas Böttger, Vicepresidente de Compras Corporativas en Lufthansa Technik, expresó su disposición para ampliar la colaboración a otros tipos de aeronaves y motores.
우드워드(Woodward, Inc., NASDAQ:WWD)는 룩셈부르크 테크닉(Lufthansa Technik)과 5년 간의 유지보수, 수리 및 정비(MRO) 서비스 계약을 체결했다고 발표했습니다. 이 계약은 25년 간의 관계를 연장하며, 우드워드는 룩셈부르크 테크닉의 중요한 연료 시스템 부품에 대한 MRO 작업을 계속 수행할 것입니다, 이는 일리노이주 록포드와 영국 프레스트윅의 시설에서 진행됩니다. 협력은 와이드바디 및 내로우바디 엔진 유형을 위한 우드워드 제조 부품을 포함합니다. 우드워드의 영업, 마케팅 및 서비스 수석 부사장인 존 디 실베스트로(John Di Silvestro)는 오랜 파트너십을 강조하였고, 룩셈부르크 테크닉의 기업 조달 담당 부사장인 토마스 뵈트거(Thomas Böttger)는 다른 항공기 및 엔진 유형으로 협력을 확장할 준비가 되어 있다고 밝혔습니다.
Woodward, Inc. (NASDAQ:WWD) a annoncé un accord de services de Maintenance, de Réparation et de Révision (MRO) d'une durée de cinq ans avec Lufthansa Technik. Cet accord prolonge leur relation de 25 ans, Woodward continuant à fournir des travaux MRO pour les composants critiques du système de carburant de Lufthansa Technik dans des installations situées à Rockford, IL, et Prestwick, UK. La collaboration couvre les composants fabriqués par Woodward pour des types de moteurs à large et à fuselage étroit. John Di Silvestro, Vice-Président Senior des Ventes, du Marketing et des Services chez Woodward, a souligné le partenariat de longue date, tandis que Thomas Böttger, Vice-Président des Achats Corporatifs chez Lufthansa Technik, a exprimé sa volonté d'élargir la collaboration à d'autres types d'avions et de moteurs.
Woodward, Inc. (NASDAQ:WWD) hat eine fünfjährige Vereinbarung über Wartungs-, Reparatur- und Überholungsdienste (MRO) mit Lufthansa Technik bekannt gegeben. Diese Vereinbarung verlängert ihre 25-jährige Beziehung, wobei Woodward weiterhin MRO-Arbeiten für die kritischen Kraftstoffsystemkomponenten von Lufthansa Technik an Standorten in Rockford, IL, und Prestwick, UK bereitstellt. Die Zusammenarbeit umfasst von Woodward hergestellte Komponenten für Triebwerke mit breiter und schmaler Tragfläche. John Di Silvestro, Senior Vice President für Vertrieb, Marketing und Dienstleistungen bei Woodward, betonte die langjährige Partnerschaft, während Thomas Böttger, Vice President für Unternehmensbeschaffung bei Lufthansa Technik, seine Bereitschaft zur Erweiterung der Zusammenarbeit auf andere Flugzeug- und Triebwerkstypen zum Ausdruck brachte.
- Secured a five-year MRO agreement with Lufthansa Technik
- Continuation of a 25-year business relationship
- Potential for expansion to other aircraft and engine types
- None.
Insights
This five-year MRO agreement between Woodward and Lufthansa Technik is a positive development for Woodward's aerospace business. The deal solidifies a long-standing relationship and potentially expands Woodward's market share in the global MRO sector.
Key points to consider:
- The agreement covers critical fuel system components for various commercial airlines, indicating a stable revenue stream for Woodward.
- Work will be performed at Woodward's facilities in Rockford, IL and Prestwick, UK, potentially boosting operational efficiency and utilization of these sites.
- The possibility of expanding collaboration to other aircraft and engine types suggests room for future growth and increased market penetration.
For investors, this agreement represents a positive long-term outlook for Woodward's aerospace segment, potentially leading to increased revenue stability and growth opportunities in the MRO market.
While specific financial terms aren't disclosed, this agreement likely has a positive impact on Woodward's financial outlook. Here's why:
- A five-year contract provides revenue visibility and stability, which is valuable in the cyclical aerospace industry.
- The deal with a major player like Lufthansa Technik could lead to increased market share and potentially higher profit margins in the MRO segment.
- Utilizing existing facilities in Rockford and Prestwick suggests efficient use of resources without significant new capital expenditures.
Investors should monitor Woodward's upcoming financial reports for signs of revenue growth and margin improvement in the aerospace segment. The potential for expansion to other aircraft and engine types also presents a growth catalyst that could positively impact Woodward's long-term financial performance.
Work on aircraft engine components will be provided at Woodward’s Rockford, IL, and Prestwick, UK, locations
FORT COLLINS, Colo., Aug. 08, 2024 (GLOBE NEWSWIRE) -- Woodward, Inc. (NASDAQ:WWD), a global leader in energy control solutions for aerospace and industrial applications, announced today that it has entered a five-year Maintenance, Repair, and Overhaul (MRO) Services agreement with Lufthansa Technik. Lufthansa Technik is a provider of regular maintenance and repair of critical fuel system components operating within fleets of various commercial airlines.
Woodward will continue to provide MRO work for Lufthansa Technik relating to certain Woodward-manufactured components. The work will be done at the company’s Rockford, IL, and Prestwick, UK, locations.
“This agreement reinforces the long-standing relationship between Lufthansa Technik and Woodward that has spanned more than 25 years,” said John Di Silvestro, Woodward’s Senior Vice-President of Sales, Marketing & Services. “We look forward to working with Lufthansa Technik in the global MRO market to provide component support services across all Woodward widebody and narrowbody engine components.”
“We see great value in working closer with Woodward as one of the leading OEMs for engine related components,” said Thomas Böttger, Vice President of Corporate Procurement at Lufthansa Technik. “We are ready to expand the collaboration to other aircraft and engine types to further provide best in class MRO service on Woodward components.”
About Woodward, Inc.
Woodward is the global leader in the design, manufacture, and service of energy conversion and control solutions for the aerospace and industrial equipment markets. Together with our customers, we are enabling the path to a cleaner, decarbonized world. Our innovative fluid, combustion, electrical, propulsion and motion control systems perform in some of the world’s harshest environments. Woodward is a global company headquartered in Fort Collins, Colorado, USA. Visit our website at www.woodward.com.
About Lufthansa Technik
The Lufthansa Technik Group is one of the leading providers of technical aircraft services in the world. Certified internationally as maintenance, production and design organization, the company employs more than 23,000 people in dozens of locations around the globe. Lufthansa Technik offers the full range of services for commercial, VIP and special mission aircraft. The portfolio includes maintenance, repair, overhaul and modification of airframes, engines, components and landing gears, as well as the manufacture of innovative cabin products and digital fleet support.
For additional information, visit the website: www.lufthansa-technik.com
CONTACT:
Jennifer Regina
970-559-8840
jennifer.regina@woodward.com
FAQ
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