CLEVELAND, Dec. 7 /PRNewswire-FirstCall/ -- Parker Hannifin Corporation
(NYSE: PH) and FedEx Ground, a unit of FedEx Corp. (NYSE: FDX), today
announced they have agreed to test a Class 6 vehicle employing hybrid
hydraulic technology that seeks to improve fuel mileage by greater than 50
percent and significantly reduce engine emissions.
(Logo: http://www.newscom.com/cgi-bin/prnh/19990816/PHLOGO )
The new vehicles will rely on a Parker series hybrid hydraulic drive
that eliminates the conventional transmission, along with its weight and
maintenance, while improving drive train power density. Primary pump/motor
components developed by Parker leverage additional technologies developed
by the EPA to create a true series hybrid drive as opposed to a parallel
system that would increase vehicle weight. The system captures, stores and
deploys energy by recovering inertial energy and optimizing engine
efficiency, using Parker hydraulic technology.
"This relationship with FedEx Ground marks the latest chapter in
Parker's 10-year history of energy saving hydraulic drive systems for
commercial vehicles," said Dr. Joseph A. Kovach, Vice President of
Technology and Innovation for Hydraulics at Parker. "We are extremely
pleased FedEx Ground is working with us as a collaborator for this
program."
"In Parker, FedEx Ground has found an excellent resource to help us
explore ways to improve the energy efficiency and emissions for our
vehicles," said Ron Joseph, Senior Vice President Linehaul, Safety and
Maintenance for FedEx Ground. "FedEx Ground is working with Parker to
evaluate the hydraulic hybrid technology's viability in dramatically
reducing annual fuel costs while significantly reducing engine emissions."
A full suite of Parker products, including specifically-designed and
technologically-advanced pump/motors, hoses, fittings, valves, electronic
controls, and Parker high efficiency accumulators are incorporated into the
design. A working demo vehicle is projected to be available for FedEx
Ground within the next 12 months.
Parker expects the technology to have applications with other classes
of vehicles.
Today's announcement marks another environmentally-responsive advance
by FedEx Corp. FedEx Express, a unit of FedEx Corp., is a leader in the
development of other hybrid systems for smaller class four vehicles and has
hybrid electric vehicles with more than a million miles of operational
service.
The United States Environmental Protection Agency (EPA), as part of a
Cooperative Research and Development Agreement (CRADA), will continue
providing Parker additional technical assistance in the development of the
vehicle as it has for four years. These include in-kind engineering
services, test equipment and facilities. Initial EPA simulation modeling of
city driving confirms greater than 50 percent potential improvement in fuel
mileage efficiency.
About FedEx Corp.
FedEx Corp. (NYSE: FDX) provides customers and businesses worldwide
with a broad portfolio of transportation, e-commerce and business services.
With annual revenues of $36 billion, the company offers integrated business
applications through operating companies competing collectively and managed
collaboratively, under the respected FedEx brands. Consistently ranked
among the world's most admired and trusted employers, FedEx inspires its
more than 280,000 employees and contractors to remain "absolutely,
positively" focused on safety, the highest ethical and professional
standards and the needs of their customers and communities. For more
information, visit http://www.fedex.com/ .
About Parker
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 or significant
changes in financial condition; 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.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, 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
Corporation
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