GE Vernova (GEV) has agreed to acquire Woodward's (WWD) heavy-duty gas turbines combustion parts business, the companies said late Monday.

Financial terms of the deal, expected to close in early 2025, were not disclosed.

Under the terms of the agreement, GE Vernova will acquire assets of the Greenville, South Carolina business that already supply it with parts and services.

Woodward described the sale as "not financially material." Woodward Chief Executive Chip Blankenship said shedding the unit will help the company "focus resources on products that will drive the most value."