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About Mpc Products Corporation

Woodward Inc. is a controlling presence in many a machine. The Fort Collins, Colorado-based company manufactures and services energy control and optimization systems that keep fluids, gasses, and electricity 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 and military aerospace, power generation and distribution, and transportation applications. Customers include GE and Boeing. Woodward makes its products primarily in the US, which accounts for more than half of its sales.


Woodward operates through two segments, aerospace (about two-thirds of sales) and industrial (about a third of sales), which unify several businesses while concentrating on specific technical applications. The aerospace segment's products includes aircraft turbine systems and airframe systems. The industrial segment covers industrial turbine-control systems, engine systems, and electrical power systems.

Geographic Reach

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

The sales split between US and foreign sales is about 60%-40%. Germany, the only other single market Woodward highlights, accounts for 10% of sales. Europe and Asia account for about 15% and 10% of revenue, respectively.

Sales and Marketing

Woodward Inc. relies on a limited number of customers for its sales with its five biggest accounting for more than 40% of revenue. GE has been Woodward’s biggest revenue provider with about 15%. Boeing is another big customer. Direct and indirect sales to the US government account for about a quarter of revenue through contracts with NASA, the Department of Transportation, and the Department of Defense.

Financial Performance

Woodward Inc.’s revenue has trended higher over the past five years at a 3% annual growth rate. Net income has been stable at around $180 million during that time.

In 2018 (ended September), sales rose about 11% to $2.3 billion from 2017. Organic sales accounted for more than 50% of the increase while the L’Orange acquisition contributed the rest. Strength in the aerospace segment offset lower sales in the industrial segment. Currency exchange rates added about $20 million to the revenue total. Geographically, sales rose in all markets except Asia.

Woodward’s profit fell to about $80 million in 2018, about $20 million less than it recorded in 2017, as expenses ran a bit higher in 2018.

The company held about $83.6 million in cash and equivalents in 2018 compared to $87.5 million the year before. Cash provided by operations was $299.3 in 2018 while investing activities used about $896 million and financing activities provided s $605.9 million.


Woodward Inc. looks to long-term trends to propel sales in aerospace and industrial markets. The company cites growing airliner passenger traffic and forthcoming new aircraft designs from the major manufacturers that are its customers as trends that will boost commercial aerospace sales. For military aerospace markets, the company expects rising international tensions will lead to higher defense spending around the world.

For its industrial operations, Woodward finds that growing populations will need more power and transportation and the systems that deliver them will include its products. Natural gas power generation is an area of optimism for the company as are renewable sources of energy, especially as demand for lower emissions and increased efficiency grow. Woodward expects the acquisition of L’Orange to bolster its industrial segment.

The company maintains research and development spending at about 6% of revenue to deliver products for next-generation aircraft and industrial equipment. It also leverages existing relationships with OEMs to further penetrate their equipment with its products.

Mergers and Acquisitions

In 2018 Woodward acquired L’Orange, a supplier of fuel injection systems for industrial diesel, heavy fuel oil and dual-fuel engines, from Rolls-Royce for $859 million. The deal enhances the offerings of its industrial segment and adds some $300 million revenue in and operations in Germany, the US, and China.

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

Niles, IL 60714-3406
Phone: 1 (847) 673-8300

Firm Stats

Employer Type: Privately Owned
Cad Systems Administrator: John Ford
Marketing Sales: Darryl Stachniak
Director: Keith Stoddard
Employees (This Location): 512
Employees (All Locations): 963

Major Office Locations

Niles, IL

Other Locations

Niles, IL