Woodward Acquires Barber-Colman Dyna Products

ROCKFORD, Ill.--(BUSINESS WIRE)--Aug. 12, 2003--Woodward Governor Company (Nasdaq:WGOV) announced today that it signed an agreement with Invensys plc to acquire its Barber-Colman Dyna Products division. Barber-Colman Dyna Products manufactures and distributes controls for off-highway diesel and gas engines and mobile industrial equipment. The terms of the agreement were not disclosed.

"Barber-Colman Dyna Products' customer base and product lines fit well with our energy control technologies strategy. The acquisition expands our technology base, strengthens key customer relationships, and adds key products," said Tom Gendron, president and chief operating officer. Gendron added, "The acquired business is expected to add approximately $15 million of revenue and is expected to be accretive to earnings in fiscal year 2004."

With proven technologies for electrically actuated valves and gaseous fuel systems, as well as user-friendly digital speed control products, Barber-Colman Dyna Products systems and components serve markets in which Woodward plays a significant role.

Woodward plans to consolidate Barber-Colman Dyna Products into its existing facilities in Fort Collins, Colo., and Niles, Ill., in fiscal year 2004.

About Barber-Colman Dyna Products

Formed in 1973 to manufacture and distribute controls for diesel and gas engines, Barber-Colman Dyna Products was part of Invensys plc. Based in Loves Park, Illinois, Barber-Colman Dyna Products manufactures engine actuators, speed controls, generator set controls, and off-highway engine control systems, and offers these products to engine and equipment manufacturers.

About Woodward

Woodward is the world's largest independent designer and manufacturer of energy control solutions for aircraft and industrial engines, turbines and power equipment. The company's innovative controls and fuel delivery systems help manufacturers worldwide operate cleaner and more efficient power equipment. Woodward's products and services are used in the aerospace, power generation, oil and gas processing, and transportation markets, which include rail, marine and many light and heavy industrial applications. Woodward is headquartered in Rockford, Illinois, and serves global markets from locations worldwide. Visit our Web site at www.woodward.com.

The statements in this release concerning the company's future sales, earnings, business performance, prospects, and the economy in general reflect current expectations and are forward-looking statements that involve risks and uncertainties. Such risks include, but are not limited to, our ability to maintain current customer relationships with manufacturers and distributors. Actual results could differ materially from projections or any other forward-looking statement and we have no obligation to update our forward-looking statements. Factors that could affect performance and could cause actual results to differ materially from projections and forward-looking statements are described in Woodward's Annual Report and Form 10-K for the year ended September 30, 2002, and Form 10-Q for the quarterly period ended June 30, 2003.

CONTACT: Woodward Governor Company
Business Communications
Rosemarie Briani-Burden,
Tel: 815-639-6282
Web: www.woodward.com

SOURCE: Woodward Governor Company

"Safe Harbor" Statement under the Private Securities Litigation Reform Act of 1995: Statements in this press release regarding Woodward's business which are not historical facts are "forward-looking statements" that involve risks and uncertainties. For a discussion of such risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see "Risk Factors" in the Company's Annual Report or Form 10-K for the most recently ended fiscal year.