Woodward Inc was established in 1870 and incorporated in 1902. The Company is a designer, manufacturer, and service provider of energy control and optimization solutions. It designs, produces and services reliable, efficient, low-emission, and high-performance energy control products for diverse applications in challenging environments. It has production and assembly facilities in the United States, Europe and Asia, and promotes its products and services around the world. It operates through the Aerospace and Energy segments. The Aerospace segment offers propulsion control solutions for the turbine powered aircraft, and actuation systems and motion control solutions. The Energy segment includes control solutions for equipment that produce electricity using conventional or renewable energy sources; for the control of power quality, distribution and storage on the electrical grid; and for power equipment used in the extraction, distribution and conversion of renewable fossil fuels in marine, mobile and industrial applications. Its components and integrated systems optimize performance of commercial aircraft, military aircraft, ground vehicles and other equipment, gas and steam turbines, wind turbines, including converters and power grid related equipment, industrial diesel, gas and alternative fuel reciprocating engines, and electrical power systems. Its fluid energy, combustion control, electrical energy, and motion control systems help its customers offer more cost-effective, cleaner, and more reliable equipment. Its customers include OEMs and the end users of their products. Its competitors in aerospace include divisions of UTC Aerospace Systems, Honeywell, Moog and Parker Hannifin. Competitors in energy segment include Heinzmann GmbH & Co., Robert Bosch AG, L'Orange GmbH, Hoerbiger, General Electric, ABB, Siemens, and Schweitzer Electric. The Company is regulated by federal, state and international environmental laws governing its use, transport and disposal of substances and control of emissions.