DTD Conversion between DITA and 40051-2B

We're looking for a way to have multiple versions of an object with identical content translated into different DTDs. Ideally, this content would be automatically updated when one is changed. For example, a content element in a DITA format could exist in Windchill. A user could then reuse this content as part of a 40051-2B document. Then, in the future, if the original DITA content element changes, the same element in 40051-2B will be automatically updated as well.

Is there a way to automatically translate content from DITA to 40051-2B and vice versa, preferably while keeping it as a referenced server object?