CLEVELAND, March 26 /PRNewswire-FirstCall/ -- Parker Hannifin (NYSE:
PH), the world leader in motion and control technologies, today announced
that it was awarded a $1 million grant from the Ohio Third Frontier
Advanced Energy Program for the commercialization of a hydraulic system
developed by Parker for use in wind turbines. The targeted global wind
turbine market for this technology is growing at over 20 percent per year.
(Logo: http://www.newscom.com/cgi-bin/prnh/19990816/PHLOGO )
Hydraulic systems are integral to hundreds of markets and industries
and have the potential to revolutionize and grow alternative energy
applications, including wind power. The Parker hydraulic system uses
components in wind turbines to convert wind energy into electricity, to
improve their overall energy generating capacity and reliability, and to
reduce maintenance expenses over their service lives.
Parker believes that Ohio has a tremendous opportunity to grow its
economy by building on the strengths of its existing business base in
advanced energy technologies. Parker's Hydraulic Wind Turbine project aims
to invest in these strengths to better ensure the enhancement and expansion
of next-generation energy production in Ohio. In addition to wind power,
Parker is currently playing a significant role in developing energy
technologies and solutions for geothermal, ocean energy, fuel cell, solar
and hydropower applications.
Parker is working in partnership with the State of Ohio to accelerate
the development and growth of the state's advanced energy initiatives,
which include the delivery of reliable, efficient and cost effective wind
energy.
The Parker-led project team combines Parker personnel with wind
industry experts, potential customers and end users of these technologies.
Project collaborators include the Manufacturing Advocacy & Growth Network
(MAGNET), the Cleveland Foundation, North Coast Wind & Power, Wintec Energy
Ltd., the Great Lakes Wind Network and the LNE Group.
Parker is pleased to play a leading role in Ohio's Advanced Energy
Program funding, which strives to accelerate the development and growth of
advanced energy industries for organizations seeking to improve energy
independence and environmental sustainability.
With annual sales exceeding $10 billion, Parker Hannifin is the world's
leading diversified manufacturer of motion and control technologies and
systems, providing precision-engineered solutions for a wide variety of
commercial, mobile, industrial and aerospace markets. The company employs
more than 57,000 people in 43 countries around the world. Parker has
increased its annual dividends paid to shareholders for 51 consecutive
years, among the top five longest-running dividend-increase records in the
S&P 500 index. For more information, visit the company's web site at
http://www.parker.com, or its investor information site at
http://www.phstock.com
SOURCE Parker Hannifin
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Related links:
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Photo Notes:
NewsCom: http://www.newscom.com/cgi-bin/prnh/19990816/PHLOGO
AP Archive: http://photoarchive.ap.org
PRN Photo Desk, photodesk@prnewswire.com
CONTACT:
Media, Christopher M. Farage, Vice President,
Corp. Communications, +1-216-896-2750, cfarage@parker.com, or
Financial Analysts, Pamela Huggins, Vice President - Treasurer,
+1-216-896-2240, phuggins@parker.com, both of Parker Hannifin
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