Parker Hannifin
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| Parker Hannifin Corporation | |
|---|---|
| Type | Public NYSE |
| Founded | 1918, Cleveland, Ohio, USA |
| Founder | Arthur L. Parker |
| Headquarters | Cleveland, Ohio, USA |
| No. of locations | 287 Manufacturing sites worldwide |
| Area served | Worldwide |
| Key people | Donald E. Washkewicz |
| Industry | motion control, seals, industrial, aerospace |
| Products | pipe fittings, hydraulics/pneumatics, seals, controls |
| Revenue | $10.6 Billion |
| Website | Parker corporate website |
Parker Hannifin Corporation (NYSE: PH), originally Parker Appliance Company and sometimes referred to as Parker, of Cleveland, Ohio, is a manufacturer of motion and control technologies. Founded in 1918, the company has been publicly traded on the NYSE since December 9, 1964. Parker Hannifin is the self proclaimed world leader in motion control technology and employs around 57,000 people.[1]
Parker designed the fuel system that made it possible for Charles Lindbergh to cross the Atlantic. [2] As of 2008, the company is ranked 247 in the Fortune 500.
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[edit] Chairman & Chief Executive Officer
[edit] Parker Hannifin Business Groups
Parker is divided into nine technology groups.
- Aerospace
- Climate Controls
- Electromechanical
- Filtration
- Fluid and Gas Handling
- Hydraulics
- Pneumatics
- Process Control
- Sealing and Shielding
[edit] Parker Hannifin History
2007 Parker crosses 10 Billion in revenue
2005 Parker has adopted the Win strategy to align the business under one vision: To be the number one motion and control company. Four years after the launch of the strategy, Parker achieves record growth exceeding $8 billion and employing 50,000.
2002 Employing more than 48,000 people in 44 countries, Parker's annual sales exceed $6 billion.
2001 Parker has made 58 strategic acquisitions since the Company's founding.
1997 Parker moves to brand new World Headquarters building in Mayfield Heights, Ohio; a suburb of Cleveland.
1992 Parker globalizes its business by forming worldwide product groups.
1988 Marking its 70th anniversary, Parker makes seven acquisitions and exceeds $2 billion in sales.
1983 Parker forms joint venture in China.
1978 Parker strengthens its position in aerospace market with a large acquisition which lays the foundation for future leadership in flight controls, hydraulics, and fuel management systems.
1966 Parker Hannifin enters Fortune 500 listing of top companies.
1964 Shares of Parker Hannifin stock are traded on the New York Stock Exchange for the first time.
1960 New International Division formed to market Parker products abroad.
1957 Acquisition era is underway. With Hannifin comes new cylinder and valve products and a new corporate name: Parker Hannifin Corporation.
1945 Company founder Arthur Parker dies; World War II's end halts defense contracts. With no industrial business, the Company faces near liquidation. Founder's wife, Helen Parker, refuses to give up; hires new management which gradually rebuilds industrial business.
1943 Parker employs 5,000 Clevelanders, all in defense production.
1935 In the midst of the Depression, optimistic Arthur Parker buys a 450,000 square foot Cleveland auto plant from Hupp Motorcar Corp. to house his 38-employee Company.
1927 Parker's reputation for producing reliable, high pressure connections leads aviator Charles Lindbergh to specify Parker fittings for the Spirit of St. Louis' historic first Atlantic crossing.
1924 Arthur Parker restarts the Company. Pneumatic/hydraulic components business succeeds, serving automotive and industrial customers.
1919 Truck accident destroys the young company's total inventory. Parker Appliance Company is bankrupt; founder returns to engineering post at Nickelplate Railroad Plant, but vows to start again.
1918 Engineer-entrepreneur Arthur L. Parker founds the Company.
[edit] Environmental Record
In 2006 Parker Hannifin Corporation and Get Nitrogen Institute, a non-profit organization, teamed up to test and promote the use of nitrogen filled rubber tires. By doing this, it has been found that nitrogen-filled tires hold their air pressure for longer periods of time increasing the life of the tire itself and decreasing the amount of discarded tires filling up landfills. Further more, it was found that by having properly inflated tires improves fuel efficiency by 4 percent.[3]
Parker Hannifin has released many products that increase efficiency and decrease the environmental impact. Parker Hannifin supplied a complete hydraulics solution to VDL Steelweld for use in its new environmentally friendly soil treatment machine. The Parker components enable the Cultivit machines to offer effective and reliable operation in harsh outdoor conditions, and, just as importantly, are helping to increase crop yields by up to 150%. It is used to sterilize soil and clean it of pathogens and pests.[4]
[edit] Parker Hannifin Litigation
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Parker is the maker of the Boeing 737 Rudder servo-valve. The servo-valve on the Boeing 737 is notorious for manufacturing defects and sudden jams of the rudder causing several plane crashes. Parker Hannifin was sued in Los Angeles Superior court on behalf of 3 of the families of victims on SilkAir Flight 185, in which the accusation was that the rudder failed as a result of Parker-Hannifin's failure to produce a good servo-valve. The families won the case, and were awarded 44 million dollars. Later, Parker settled for an undisclosed amount of money. The FAA (Federal Aviation Administration) administered a decision that by 2008 all Parker-Hannifin Servo-Valves in Boeing 737s need to be replaced with more secure ones.
[edit] References
- ^ (2007) Standard and Poor's 500 Guide. The McGraw-Hill Companies, Inc.. ISBN 0-07-147906-6.
- ^ 2002 Annual Report
- ^ Parker Hannifin & Nitrogen Institute join hands to promote tyre-inflation with N2 (released 27 Oct 2006) Retrieved 16 May 2008
- ^ Parker soil treatment machine increases crop yields by 150% Retrieved 16 May 2008
