CLEVELAND, July 1 /PRNewswire-FirstCall/ -- Parker Hannifin Corporation
(NYSE: PH), the global leader in motion and control technologies, today
held a groundbreaking ceremony as the first step in the construction of its
new European headquarters in Etoy in the Canton of Vaud, Switzerland,
located approximately 25 miles northeast of Geneva.
(Logo: http://www.newscom.com/cgi-bin/prnh/19990816/PHLOGO )
Jean-Claude Mermoud, Minister of the Economy for the Canton of Vaud,
and Michel Roulet, Mayor of the City of Etoy, attended the ceremony, which
was hosted by Parker corporate officer Marwan Kashkoush, Executive Vice
President - Sales, Marketing and Operations Support. Special recognition
was given to the DEV (Development Economic State of Vaud), which supported
Parker throughout its location search, planning and negotiating phases.
"Since the inception of the Win Strategy in 2001, which sets company
goals for customer service, financial performance, and profitable growth,
we have concentrated on improving and expanding our sales and operations
outside North America," commented Kashkoush. "As a result, Parker's
industrial sales are now equally weighted between North American and
International operations. This new facility will help consolidate employees
supporting our growth initiatives into one location and underscores our
commitment to European markets into the future. In addition to the
operating benefits of a central, pan-European facility, the new facility
will make use of tax incentives offered by the Canton of Vaud, Switzerland
to companies developing new businesses here."
The planned 57,000 sq. ft. building will house up to 150 people over
the next three to five years. A newly created shared services function will
be located here to support Parker sales and manufacturing operations in
Europe, the Middle East and Africa, covering 22 countries. In addition,
employees of a new Swiss sales company, and a number of senior level Parker
leaders from other Parker locations in Europe will operate out of the new
facility.
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 52 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 Corporation
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Related links:
http://www.phstock.com/
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, James Cartwright, Manager, Corp.
Communications, +1-216-896-2752, jcartwright@parker.com, or
Financial Analysts, Pamela Huggins, Vice President & Treasurer,
+1-216-896-2240, phuggins@parker.com, both of Parker Hannifin
Corporation
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