| Type | Public NYSE S&P 500 Component |
|---|---|
| Industry | motion & control |
| Founded | 1918, Cleveland, Ohio, USA |
| Founder(s) | Arthur L. Parker |
| Headquarters | Mayfield Heights, Ohio, USA |
| Number of locations | 311 Manufacturing sites worldwide |
| Area served | Worldwide |
| Key people | Donald E. Washkewicz, Chairman, CEO & President |
| Revenue | $12 Billion (FY11) |
| Website | http://www.parker.com |
Parker Hannifin Corporation (NYSE: PH), originally Parker Appliance Company, usually referred to as just Parker, of Mayfield Heights, Ohio (with a Cleveland mailing address), is the global leader in motion and control technologies. The company was founded in 1918, and has been publicly traded on the NYSE since December 9, 1964. Parker Hannifin is one of the largest companies in the world in motion control technologies including aerospace, climate control, electromechanical, filtration, fluid and gas handling, hydraulics, pneumatics, process control, and sealing and shielding. Parker employs approximately 58,000 people globally.
The company is ranked 248 in the Fortune 500.
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Parker is divided into eight operating groups that consist of 142 divisions located in 47 countries.
Milestones:
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. Furthermore, it was found that having properly inflated tires improves fuel efficiency by 4 percent.[1]
In 2010 Parker Hannifin, in a partnership with Autocar, a leading manufacturer of commercial vehicles and class 8 trucks, delivered hydraulic hybrid-powered refuse vehicles to three South Florida municipalities. The Autocar E3 refuse vehicles feature Parker’s RunWise advanced series hybrid drive system, which dramatically increases fuel savings and lowers emissions while improving drivability and performance. The RunWise Advanced Series Hybrid Drive achieves fuel savings of up to 50% by decoupling the engine from the rear axle recovering energy normally lost during braking. Parker’s RunWise replaces a refuse truck’s conventional drive train with a series hybrid drive – combining the flexibility and responsiveness of hydrostatic operation for low and medium speeds with the unsurpassed efficiency of mechanical operation for highway speeds. Placed on the United States Environmental Protection Agency (EPA) National Clean Diesel Campaign’s Emerging Technologies List in 2011, it is the only drivetrain on the list. These vehicles provide fuel savings, reduced emissions, less brake and engine wear, enhanced drivability, and cleaner and greener communities. Waste collection fleet owners are excited about RunWise and its ability to increase their productivity and profitability all without requiring changes to driver behavior.
Parker Aerospace is a global leader in hydraulic, fuel, flight control, pneumatic, electronics cooling, and fluid conveyance components and systems and related electronic controls for aerospace and other high-technology markets. Its products are used on aircraft manufactured throughout the world today, including commercial transports, military fixed-wing planes, regional and business aircraft, helicopters, missiles, and unmanned aerial vehicles. Based in Irvine, California, Parker Aerospace operates 39 facilities in the Americas, Europe, and Asia. The latest programs include the COMAC C919, Rolls-Royce Trent XWB engine, Bombardier CSeries, Bombardier widebody aircraft, MRJ, Gulfstream G650, Model 850 Citation Columbus and Airbus A350 XWB.
Parker Aerospace is a longtime Airbus supplier with special competencies in multifunctional system integration. Parker is partnering with Airbus to develop fuel cell technology as an alternative energy source for on-ground and in-flight electrical power supply. Within this partnership, Airbus will be responsible for the overall aircraft system architecture and technology integration into the aircraft, and Parker will supply the multifunctional fuel cell system and manage different subsystem suppliers. A fuel cell is a device which transforms the energy contained in hydrogen and oxygen into electricity through a direct chemical conversion at a low temperature level without moving parts. The exhaust product is water, and in the case of an air-breathing system, oxygen depleted air. The electricity produced by fuel cells is cleaner and more efficient than combustion engines. In addition, the water and the oxygen depleted air (inert gas) can be used on the airplane to substitute the water and inerting systems.
The objective of the cooperation is the development of a technology demonstrator followed by a joint flight test campaign for the middle of the decade, including operational and infrastructural tests. With Parker Aerospace involved in the project from this earliest phase, industrialisation can be considered throughout the development of the process, rather than at the end. Airbus considers fuel cell technology as a key contributor to meeting the ACARE 2020 goals, which foresee the reduction of CO2 emissions by 50%, NOx emissions by 80% and noise by 50%.
It was discovered in 1995 that failures in a servo unit supplied by Parker Hannifin to Boeing for use in their 737 aircraft may have contributed to several incidents.[2][3]
In 2004, a Los Angeles jury ordered Parker Hannifin to pay US$43M to the plaintiff families of the 1997 SilkAir Flight 185 crash in Indonesia. Parker Hannifin subsequently appealed the verdict, which resulted in an out of court settlement for an undisclosed amount, even though the NTSB and the Indonesian Transportation Safety Board determined the crash was caused, possibly intentionally, by the pilot.[4][5]
The FAA ordered an upgrade of all Boeing 737 rudder control systems by November 12, 2002. Parker argued that the components they supplied were not at fault, citing that the product has one of the safest records in its class, but The FAA directive went through regardless.[6]