Here's some exciting news for the technology world.

Aerospace and industrial companies Woodward and Hexcel are merging to create "a premier integrated systems provider serving the aerospace and industrial sectors."

According to a press release from the two companies, their combined resources will work to create innovative technology for their customers that is smart, clean, and safe.

The combined company will be named Woodward Hexcel, and employ over 16,000 people on five continents.

It will be headquartered in Fort Collins, where Woodward currently stands as an individual company at 1081 Woodward Way.

Hexcel is currently located in Stamford, Connecticut.

Nick Stanage, President of Hexcel, will serve as the combined company's Chief Executive Officer, while Tom Gendron, President of Woodward, will serve as its Executive Chairman.

"The future of flight and energy efficiency will be defined by next-generation platforms delivering lower cost of ownership, reduced emissions, and enhanced safety," said Stanage. "...a combined Hexcel and Woodward will be at the forefront of this evolution."

This evolution will focus heavily on aerodynamics, as Woodward Hexcel will strive to create an industry with improved energy efficiency and safety, reduced emissions, and less noise — an endeavor that will cost around $250 million in research and development alone.

The merger is also expected to reduce each company's global footprint by eliminating duplicative corporate costs.

If the shareholders of both Woodward and Hexcel approve the merger, it is expected to close by the third calendar quarter of this year.