Woodward Inc. consolidates industrial groups amid shrinking sales

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,…