CLEVELAND, Dec. 6 /PRNewswire-FirstCall/ -- Parker Hannifin (NYSE: PH),
the world leader in motion and control technologies, hosted financial
analysts and shareholders at its annual Investor Day today at the company's
Cleveland headquarters. Don Washkewicz, CEO, Chairman and President
announced in his opening presentation that the company has identified
opportunities within its targeted markets that will provide significant
future growth opportunities within a dynamic $100 billion dollar motion and
control market. Total market opportunity for the company has grown to $100
billion through the pursuit of innovative products offering significant
future growth and the acquisition of companies with expertise in
technologies adjacent to Parkers. Parker's most recent fiscal year, which
ended in June, produced record $10.7 billion sales and more than $830
million in income from continuing operations.
(Logo: http://www.newscom.com/cgi-bin/prnh/19990816/PHLOGO )
"While we are excited by the expanded growth opportunities for Parker's
technologies, we will remain focused on executing the fundamentals of our
proven Win Strategy to fully recognize our potential within the dynamic
motion and control marketplace," said Washkewicz. "We will continue to
deliver premier customer service, to focus on financial performance as a
measure of every activity of each business, and ensure that each activity
we undertake has been evaluated and found capable of contributing to
Parker's profitable growth. Our execution of these Win Strategy
fundamentals produced the best year in our 90-year history. We have yet to
reach our full potential, but we have put in place the processes, people
and products necessary to continue our advance."
Parker's $10.7 billion sales in FY07, ended in June, resulted from
products and systems of nine technologies including hydraulics, filtration,
refrigeration, electromechanical, aerospace, pneumatics, fluid and gas
handling, process control, and sealing and shielding, addressing the needs
of global markets. Following Washkewicz's opening overview of Parker, the
Investor Day program consisted of brief presentations of new applications
of these technologies. Topics ranged from submarine oil exploration to wind
and wave sources of alternative energy, new drive systems for heavy trucks
and safety systems for commercial and military aircraft, all enabled by
Parker technologies.
The presentations, archived until December 20 at http://www.phstock.com
, include "Unlimited Growth Potential ... by Design" by Craig Maxwell -
Vice President of Innovation and Technology, which details Parker's
disciplined approach to innovative product development and focuses on
future growth while maintaining incremental product development. "We have
developed measurable links between product portfolio development and
performance of our divisions relative to Win Strategy goals," said Maxwell.
"These demand consideration of bottom line impact at every development
stage. Intersections of our multiple technologies with market and customer
knowledge offer a depth of technical knowledge and engineering capability
to our customers that helps them break new ground while partnering with
Parker on development of their products for greater efficiency and
profitability."
Presentations in the archive include:
"Ocean Wave Energy" which demonstrates the application of Parker's
electromechanical technology to harness ocean waves as electrical
generators. Parker has partnered with a customer to reduce the control
envelope of buoys that generate 75 to 400 kilowatts of electricity from
wave motion. The World Energy Council estimates that two terawatts of
electricity, more than twice the worlds present generation capability,
could be generated by such systems.
"Nuclear/Biological Filtration" Parker's filtration technology is being
applied to replace older, less efficient carbon canisters as a safeguard in
the event that nuclear, chemical, or biological agents are used against
military personnel or civilians. Already in use on British military
vehicles, these systems are being developed for use by individual soldiers
as part of their personal protection equipment.
"Geothermal Systems" Demand for geothermal systems for heating and
cooling has grown at a rate of 22 percent over the last three years. Such
systems currently represent only one percent of the world market for
heating and cooling. Parker has helped develop systems that have proven, in
use, to be 200 percent more efficient than conventional heating and cooling
systems and 30 percent more efficient than earlier geothermal systems.
"Fluid and Gas Handling Technology" In the world of oil and gas
exploration and development, Parker offers multiple technologies to make
deep offshore exploration possible, efficient and less costly than
traditional methods. Some Parker products serve the increasingly important
"workover" rig segment that wring additional oil from inactive wells.
Recent acquisitions have made Parker a presence in expanding Gulf of Mexico
and North Sea fields and include flexible, crush resistant hose for
extremely deep water exploration.
"Aerospace Technology: Inerting" Parker's 45 -year's experience with on
board inert gas generating systems, (OBIGGS) that provide
ignition-preventing inert gas to fuel tanks of military aircraft, is now
being adapted by the world's leading manufacturers for use on commercial
aircraft. The inerting systems will remove the air component of fire
ignition by supplying a blanket of nitrogen to airliner tanks. Regulations
mandating use of inerting systems on commercial aircraft could call for
retrofitting existing fleets.
"Hydraulic Technology: Energy Recovery System" Parker has more than a
decade of experience with hydraulic systems designed to recover brake
energy and apply it to reduce vehicle fuel consumption. The latest systems
in the evolution of this concept are being applied to heavy and medium
trucks for refuse collection and package delivery. Unlike other hydraulic
hybrids, Parker offers a series system that eliminates the weight and
maintenance associated with parallel hydraulic hybrid systems as well as
the cost, charge time, and battery replacement required by electric
hybrids.
How all of these technologies come together to help customers raise
efficiency and reduce their costs was the subject of a tour of Parker's new
"ideation" laboratory at the headquarters building. Parker Innovation
engineers use electronic design systems to facilitate collaborative work.
Each engineer brings specific technology expertise to the group to
determine concept feasibility before allocating in-depth design and
development work. Rather than concentrating solely on incremental product
development, this approach identifies breakthrough products to serve
defined future needs of customers in the $100-billion motion and control
market.
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.
Forward-Looking Statements:
Forward-looking statements contained in this and other written and oral
reports are made based on known events and circumstances at the time of
release, and as such, are subject in the future to unforeseen uncertainties
and risks. All statements regarding future performance, earnings
projections, events or developments are forward-looking statements. It is
possible that the future performance and earnings projections of the
company and individual segments may differ materially from current
expectations, depending on economic conditions within both its industrial
and aerospace markets, and the company's ability to achieve and maintain
anticipated benefits associated with announced realignment activities,
strategic initiatives to improve operating margins, and growth and
innovation initiatives. A change in economic conditions in individual
markets may have a particularly volatile effect on segment results. Among
the other factors which may affect future performance are: changes in
business relationships with and purchases by or from major customers or
suppliers, including delays or cancellations in shipments; uncertainties
surrounding timing, successful completion or integration of acquisitions;
threats associated with and efforts to combat terrorism; competitive market
conditions and resulting effects on sales and pricing; increases in
raw-material costs that cannot be recovered in product pricing; the
company's ability to manage costs related to employee retirement and health
care benefits and insurance; and global economic factors, including
manufacturing activity, air travel trends, currency exchange rates,
difficulties entering new markets and general economic conditions such as
inflation, interest rates and credit availability. The company makes these
statements as of the date of this disclosure, and undertakes no obligation
to update them.
SOURCE Parker Hannifin Corporation
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Related links:
http://www.parker.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, Christopher M. Farage, Vice President,
Corp. Communications, +1-216-896-2750, cfarage@parker.com, or
Financial Analysts, Pamela Huggins, Vice President and Treasurer,
+1-216-896-2240, phuggins@parker.com
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