Woodward Inc., a designer, manufacturer and service provider of energy control and optimization solutions, has reached a definitive agreement to acquire Integral Drive Systems AG (IDS) and its European companies, as well as the key assets of IDS' business in China, for a total amount of approximately $36 million in cash.
IDS is a provider of power electronic systems predominantly used in utility-scale wind turbines and photovoltaic plants. Additionally, IDS offers key products in power distribution, marine propulsion systems and specialized solutions.
Switzerland-based IDS also has operations in Bulgaria and China, and employs approximately 200 people.
SOURCE: Woodward Inc.