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About Mpc Products Corporation

Woodward is a controlling presence in many a machine. The Fort Collins, Colorado-based company manufactures and services providers of control solutions for the aerospace and industrial markets such as fluid energy, combustion control, electrical energy, and motion control systems flowing through aircraft, vehicles, turbine and piston engines, and electrical power equipment. Its products — valves, nozzles, actuators, sensors, and more — go to OEMs and prime contractors around the world for use in commercial airlines, repair facilities, military depots, third party repair shops, and other end users. Customers include GE and Boeing. Woodward makes its products primarily in the US, which accounts for more than 55% of its sales.

Operations

Woodward operates through two segments, aerospace (about 65% of sales) and industrial (around 35% of sales).

The aerospace segment designs, manufactures and services systems and products for the management of fuel, air, and combustion and motion control. These products includes fuel pumps, metering units, actuators, air valves, specialty valves, fuel nozzles, and thrust reverser actuation systems for turbine engines and nacelles, as well as flight deck controls, actuators, servocontrols, motors and sensors for aircraft.

The industrial segment designs, produces and services systems and products for the management of fuel, air, fluids, gases, motion, combustion and electricity. These products include actuators, valves, pumps, fuel injection systems, solenoids, ignition systems, speed controls, electronics and software, power converters, sensors and other devices that measure, communicate and protect electrical distribution systems.

Geographic Reach

Headquartered in Colorado, Woodward has facilities used for sales, services activities, and assembly in Brazil, Bulgaria, India, Japan, the Netherlands, the Republic of Korea, and the UK.

The sales split between US and foreign sales is about 55%–45%. Germany, and China, the other single market Woodward highlights, accounts for about 10% of sales each. Europe accounts for about 15% of total revenue, and Asia with some 5%.

Sales and Marketing

Woodward relies on a limited number of customers for its sales with its five biggest accounting for approximately 45% of revenue. GE has been Woodward's biggest revenue provider with about 15% each of total sales, and GE with around 10%. Direct and indirect sales to the US government account for about 30% of revenue through third party manufacturer utilizing Woodward parts and subassemblies. The company also sells products through an independent network of distributors and, in some cases, directly to end users.

Financial Performance

Net sales for the fiscal year 2020 were $2.5 billion, a decrease of $404.5 million, or 14%, from $2.9 billion for the prior fiscal year. The decrease in consolidated net sales for the fiscal year 2020 is primarily attributable to the decline in sales volume related to the ongoing impact of the COVID-19 pandemic and extended grounding of the Boeing 737 MAX aircraft.

Net earnings for the fiscal year 2020 were $240.4 million, compared to $259.6 million for the prior fiscal year.

Cash held by the company at the end of 2020 increased to $153.3 million. Cash provided by operations was $349.5 million, while cash used for investing and financing activities were $6.9 million and $290.2 million, respectively. Main uses of cash were payments for purchase of property, plant, and equipment; and payments on revolving lines of credit and short-term borrowings.

Company Background

As a nod toward the direction the company is going, in 2011 Woodward dropped "Governor" from its name. Although the company's energy segment still makes governors (a device used to regulate a machine's speed), the new, more general name better reflects the dramatic expansion of Woodward's product menu. Founder Amos Woodward developed a governor to control water wheels in 1870.

Mpc Products Corporation

6300 W Howard St
Niles, IL 60714-3406
Phone: 1 (847) 673-8300

Firm Stats

Employer Type: Privately Owned
Product Manager: John Huish
Marketing Sales: Darryl Stachniak
Director: Keith Stoddard
Employees (This Location): 512
Employees (All Locations): 963

Major Office Locations

Niles, IL

Other Locations

Niles, IL