Woodward to Sell Pilot Controls Product Line to Ontic

Woodward, Inc. announced an agreement to sell its pilot controls product line and associated services to Ontic Engineering and Manufacturing. This divestment, which includes commercial and defense applications manufactured in Niles, Illinois, is part of Woodward's strategy to optimize its portfolio and focus on core growth areas. As part of the deal, Woodward will remain the sole supplier of certain electromechanical components and provide transition services for 9-12 months, aiming to create a stronger, more focused company.