Woodward terminated the merger with Hexcel in a $6.4bn deal.

Woodward, an independent designer, manufacturer, and service provider of control systems, terminated the merger with Hexcel, an American public industrial materials company, in a $6.4bn deal. The companies announced the mutual termination of the merger on April 6, 2020. "While we both believed from the outset, and continue to believe, in the benefits of a combined Woodward and Hexcel, we mutually concluded after careful consideration that given the significant uncertainty in the market, it would not be prudent to continue to pursue the combination and integration of our companies in a merger of equals. Although we are disappointed with this outcome, we are confident this is the right decision for our customers, our shareholders, and our employees as it allows each of us to dedicate our focus and resources toward ensuring Woodward and Hexcel each remain strong and closely connected with our customers and supply chains during these unparalleled times. We continue to be hopeful that our two companies will find opportunities to collaborate on next-generation platforms in the future for the benefit of our customers," Tom Gendron, Woodward Chairman, CEO and President, and Nick Stanage, Hexcel Chairman, CEO and President.