Parker Hannifin Corporation (NYSE: PH), originally Parker Appliance Company, usually referred to as just Parker , of Cleveland, Ohio, is a manufacturer of 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 technology and employs around 39,873 people.
As of 2009, the company is ranked 221 in the Fortune 500.
Business groups
Parker is divided into eight technology groups.
- Fluid Connectors
- Instrumentation
- Filtration
- Hydraulics
- Automation
- Climate & Industrial Controls
- Sealing and Shielding
- Aerospace
History
Milestones:
- 2001: Parker has made 58 strategic acquisitions since the Company's founding. In Europe Parker acquired several large companies in the fluid power business from 1997 and forward, such as Commercial Hydraulics and VOAC Hydraulics.
- 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.
Very early in the company's history a truck accident destroyed all of its inventory. Parker Appliance Company became bankrupt, and its founder returned to an engineering post at a Nickel Plate Road plant, but vowed to start again. In 1924 Arthur Parker restarted the company and the pneumatic/hydraulic components division succeeded by serving automotive and aviation customers.
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. Furthermore, it was found that having properly inflated tires improves fuel efficiency by 4 percent.
Boeing 737 incidents
Main article: Boeing 737 rudder issuesIt 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.
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.
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.
References
- ^ (1999) Standard and Poor's 500 Guide . Peterson's. 1999. pp. 495. ISBN 9780768902143.
- ^ VOAC is an acronym for Volvo Flygmotor (later Volvo Aero) and Atlas Copco that in mid 1980's formed a holding company in the hydraulic manufacturing business, with the company Monsun-Tison AB as the main hydraulic manufacturing company for mobile valves and cylinders. The idea with the holding company was to promote the development and manufacturing of mobile hydraulic components adapted for Atlas Copco's blast hole drilling equipment and hydraulic components in general in Sweden. The holding Co., AVC intressenter, was owned 50/50 by Volvo Flygmotor and Atlas Copco. Volvo Flygmotor's main business in hydraulic components was based on the F11-series high-speed axial piston hydraulic motors with spherical pistons, that was invented by the Swedish engineer Gunnar A. Wahlmark (Illinois U.S.A.) and patented in 1960. USPTO patent no. 2956845, oktober 1960. The application for the trademark VOAC was first filed by USPTO November 18, 1992 and registered in March 29, 1994. When the holding company later was closed down, the trademark VOAC was kept for hydraulic components within the company Monsun-Tison AB including the F11-motors and pumps from Volvo Hydraulics AB (company formed by Volvo Flymotor in 1983), and the company VOAC Hydraulics AB, Sweden was later formed around this trademark. In Februari 1996 Parker acquired VOAC Hydraulics AB. As VOAC owned the CAN-buss based control system IQAN, developed by a small Swedish company outside VOAC around 1990-1995, the IQAN system was integrated into Parkes products for mobile machinery.
- ^ Press release Parker acquires VOAC of Sweden
- ^ Eugene Converse Murdock (1988). The Buckeye Empire: An Illustrated History of Ohio Enterprise . Windsor Publications. pp. 176. ISBN 9780897812504.
- ^ Mal Gormley. "Will Climate Change Challenge BizAv?". Aviation Week . http://www.aviationweek.com/aw/generic/story_generic.jsp?channel=bca&id=news/bca0307d.xml&headline=Will%20Climate%20Change%20Challenge%20BizAv? . Retrieved 2008-11-16 .
- ^ Robert J. Boser. "What is the status of the solution to the B-737 rudder design defect?". airlinesafety.com . http://www.airlinesafety.com/faq/B-737Rudder.htm . Retrieved 2008-11-18 .
- ^ (1996)"Pittsburgh disaster adds to 737 doubts". Seattle Times . 1996 . http://seattletimes.nwsource.com/news/local/737/part03/ . Retrieved 2008-11-17 .
- ^ (2007) SilkAir 185 - Pilot Suicide? . . National Geographic . 2007 . http://www.youtube.com/watch?v=C3ZIE2YIV_Y&NR=1 . ...
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