08:46 AM EST, 12/20/2024 (MT Newswires) -- Woodward (WWD) said Friday it has signed an agreement to acquire Safran Electronics and Defense's North America-based electromechanical actuation business.

Financial terms were not disclosed. Woodward said the acquisition is not financially material.

The acquisition includes intellectual property, operational assets, personnel, and long-term customer agreements for aircraft stabilization systems used for the Airbus A350, Woodward said.

Woodward Chief Executive Chip Blankenship said the acquisition, which is expected to close in mid-2025, increases Woodward's shipset content for widebody programs and expands its technology platform for next generation single-aisle aircraft.