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Those who wish to participate in the mega-trends of aviation and the energy transition often look for big names like Airbus or Siemens Energy. However, the true value often lies one level deeper: with the system suppliers that build the "brains” of the machines. Woodward is exactly such a player. What fascinates me about Woodward is not the sale of hardware, but the immense power of the aftermarket. Once Woodward delivers an engine control system for a modern jet, it is not a one-time transaction, but the beginning of a 20 to 30-year "subscription...
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