GE Vernova’s Acquisition of Woodward’s Gas Turbine Business Signals Growth for Greenville’s Economy

Greenville’s Exciting New Chapter: GE Vernova Acquires Woodward’s Gas Turbine Business

In a big shake-up for the manufacturing scene in Greenville, GE Vernova Inc. has announced an exciting partnership that is set to enhance not only its operations but also the local economy. As of November 19, 2024, the company has signed a definitive agreement to acquire Woodward Inc.’s heavy-duty gas turbine combustion parts business, which is situated right in the heart of Greenville.

A Step Towards Strengthening U.S. Manufacturing

This acquisition aligns with GE Vernova’s strategy to bolster U.S. manufacturing and create more job opportunities within the region. According to a news release from the company, Eric Gray, the president and CEO of GE Vernova’s Gas Power business, expressed his enthusiasm for this deal. Gray said, “We are excited to acquire and integrate this critical capability for our domestic supply chain as we continue to see increasing demand for our heavy-duty gas turbines and upgrades globally.”

What does this mean for the local community? Well, for starters, welcoming Woodward’s talented professionals into the GE Vernova family will allow the company to address the growing demand from customers and contribute to the electrification needs of the nation. This development showcases a real commitment to both the industry and the community, promising a bright future for those involved.

What’s Included in the Deal?

Under the terms of the acquisition, GE Vernova is set to take on all assets related to Woodward’s Greenville site. This location has been operating primarily to provide parts and services for GE Vernova’s gas turbine manufacturing operations. With over 50 years of presence in the area, GE Vernova is no stranger to Greenville. They’ve been manufacturing and testing gas turbines and providing global engineering support for quite some time now.

For Chip Blankenship, the chairman and CEO of Woodward, this transaction is a positive step for everyone involved. He stated, “This targeted transaction is good for our customer and members and will allow us to focus resources on products that will drive the most value as part of Woodward.” It seems this deal is not just beneficial for GE Vernova but also allows Woodward to concentrate on areas that reflect their strengths.

What Lies Ahead?

While the financial details of this acquisition remain under wraps, it is anticipated that the transaction will close early in 2025, once all closing conditions are met. GE Vernova emphasizes that they are working closely with the Woodward team to ensure a smooth transition for all employees at the Greenville location. This collaborative effort hopes to ease any concerns regarding job security during this exciting transition.

The Community’s Role

As this acquisition unfolds, the people of Greenville can look forward to potential economic benefits. More jobs and advancements in manufacturing can invigorate the local economy. Industry leaders are hopeful this move will not only support existing jobs but also create new opportunities for growth in the area.

This merger reflects a broader trend of companies looking to strengthen domestic supply chains and create jobs in the U.S., which is particularly significant given the current economic climate. With increasing energy demands and the push for sustainable solutions, investments in cutting-edge manufacturing technologies like gas turbines couldn’t come at a better time.

As the dust settles from this acquisition, one thing remains clear: Greenville is ready to embrace the future, championing advancements in technology and manufacturing while providing a robust framework for job creation. Stay tuned as this story unfolds, and watch how this vibrant community grows with GE Vernova leading the way!