FORT COLLINS — Woodward Inc. announced Tuesday afternoon that the company has consolidated its Engine Systems and Industrial Turbomachinery Systems groups into one combined Industrial Systems Group.
The move is intended to “create a leaner organization that will be well-positioned to drive long-term growth and profitability” through reducing costs and overhead to “gain efficiencies.”
The Fort Collins-based company did not specify where those efficiencies would come from in a release announcing the move, and company officials could not be reached for comment Wednesday.
Chad Preiss, most recently the president of ES, has been appointed president of Industrial Systems. ITS president Jim Rudolph, meanwhile, has moved into the newly created role of corporate vice president.
Woodward employs roughly 1,400 people at various sites in Northern Colorado, including Loveland and Windsor.
In the company’s fiscal year-end earnings report on Monday, CEO Thomas Gendron hinted that moves to reduce costs and “increase operational efficiencies” might be coming.
The new Industrial Systems group will now comprise the entirety of Woodward’s Industrial segment. The company, which makes components and control-system solutions geared toward energy efficiency for a variety of markets, also operates an Aerospace segment.
While the Aerospace segment flourished in fiscal year 2016, the Industrial segment had a tougher time, with sales decreasing 10 percent from the year before.