Parker-Hannifin

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Parker-Hannifin Corporation

logo
legal form Corporation
ISIN US7010941042
founding 1917
Seat Cleveland , United States
management Thomas L. Williams, CEO
Number of employees 56,690
sales 12,029,000,000 USD
Branch Motion control technologies
Website www.parker.com
As of June 30, 2017

Parker Hannifin Corporation (original Parker Appliance Company ) is a US- based mechanical engineering company founded in 1917 by Arthur L. Parker . The company is listed on the S&P 500 and has been traded as a stock (PH) on the NYSE since 1964 . The company is headquartered in Cleveland , Ohio , USA . Parker Hannifin is one of the largest companies in the world in motion control technologies, including aerospace, air conditioning, electromechanics, filtration, liquid and gas transportation, hydraulics, pneumatics, process control, and sealing and shielding. Parker employs approximately 55,000 people in 50 countries. The global corporate structure is divided into 139 divisions with a total of 309 branches.

history

1917-1950

Arthur L. Parker founded Parker Hannifin as the Parker Appliance Company in 1917 in Ohio. In its early years, the company manufactured pneumatic braking systems for buses, trucks and trains. In 1919, Parker's truck with all of the company's inventory fell off a cliff and he had to return to his previous position. But in 1924 Parker re-established the Parker Appliance Company.

By 1927, Parker was manufacturing for the aircraft industry and building a reputation for reliable products. Prior to his historic Atlantic crossing, Charles Lindbergh requested that his aircraft, the Spirit of St. Louis , be fitted with Parker components. Parker contributed the system that linked the aircraft's 16 fuel tanks.

During World War II, Parker's business boomed as the preferred supplier of hydraulic couplings and valves to the US Air Force . In 1943, Parker had 5,000 employees in Cleveland, Ohio . After Arthur Parker's death in 1945 and the end of the war, the company almost went bankrupt due to the sudden drop in orders. Parker's wife, Helen Parker, took over management of the company and prevented bankruptcy. She hired a new management team and reoriented the company towards industrial production.

1950s to 1960s

In the early 1950s, Parker's management set itself the goal of turning Parker into the " General Electric of fluid power, " as the New York Times put it - which the company would be successful in over the next few decades. In 1957, the company acquired Hannifin, a manufacturer of valves and cylinder products, and changed its name to Parker Hannifin. This was followed by numerous other acquisitions, and in 1979 the company completed its 40th takeover.

In 1953 Arthur Parker's son, Patrick S. Parker, began working for the company full-time. He rose to president in 1968 and served Parker as CEO from 1971 to 1983 and as chairman from 1977 to 1999. During and after his tenure, Parker Hannifin grew significantly, with sales increasing from $ 197 million in 1968 to over $ 7 billion in 2005.

In 1964, Parker Hannifin's shares first traded on the New York Stock Exchange under the ticker symbol PH . In 1966 the company was added to the Fortune 500 list. The company developed components for the NASA rocket that brought the first humans to the moon in 1969.

1970s to 1990s

In 1970 an economic crisis forced the company to expand its business area beyond fluid technology. In the years that followed, Parker Hannifin began expanding into the automotive industry, which was seen as a more stable line of business. The company also expanded its presence in the aerospace industry and took over manufacturers of flight controls and aircraft wheels and brakes. In 1979 Parker Hannifin employed 20,000 people at 100 locations and sold 90,000 items for machines, aircraft, vehicles and construction machinery to 60,000 customers. The company even supplied some components for the mechanical shark from the 1975 film Jaws .

In 1982, Patrick Parker was replaced by Paul G. Schloemer as President of the company (Parker remained Chairman and CEO). In the same year, Parker Hannifin entered the Mexican market. By 2008, Parker Hannifin Mexico was to operate 11 locations in the country, seven of which produced parts exclusively for the US market. In 1988 the company had sales of $ 2 billion.

In 1993, Parker Hannifin opened its first "ParkerStore" retail store in Cleveland. In 10 years, the ParkerStore network grew to 200 locations in the US and over 400 locations worldwide. ParkerStores offer a wide variety of Parker products, including hydraulic and automation components, as well as hoses and fittings. The locations are near industrial areas and provide industrial products to local buyers. Parker-Hannifin systems were also involved in controlling the large-format replica of the Titanic for the 1997 film of the same name . In 1997, Parker Hannifin moved its Cleveland headquarters to a new building in Mayfield Heights, a suburb of Cleveland. In 1999, the company's sales were approximately $ 5 billion.

2000 until today

In 2000, Parker Hannifin acquired Commercial Intertech Corporation, a manufacturer of hydraulic systems. With a purchase price of $ 366 million, this was the largest acquisition of Parker Hannifin to date.

In 2001, CEO Don Washkewicz presented the company's new win strategy to streamline operations using lean startup methods. In the years that followed, Parker Hannifin implemented lean processes in every area, reducing the time it takes to prepare an offer by 60% and the lead times for product development by 25%. The win strategy ultimately played an important role in the company's steady profit growth.

In 2008, Parker Hannifin signed contracts worth $ 2 billion to manufacture fuel and hydraulic systems for Airbus A350 airliners, which helped re-establish the company in the aerospace industry. Two years later, Parker Hannifin's products played an important role in the repair of the Deepwater Horizon drilling platform .

In 2015, Thomas Williams took over the role of CEO from Don Washkewicz. In 2016, Parker Hannifin completed its largest acquisition to date with the purchase of Clarcor, a manufacturer of filtration systems, for USD 4.3 billion.

Divisions

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Parker Hannifin is divided into eight corporate divisions.

Parker Aerospace

Parker-Hannifin designed the tank system for Charles Lindbergh's aircraft , with which he crossed the Atlantic. Parker-Hannifin is also the manufacturer of those hydraulic valves that are held responsible for the failure of the hydraulics in several Boeing 737 aircraft and in at least two cases for the crash of this type of aircraft in the 1990s. In November 2002 the US American Air Traffic Control Authority (FAA) obliged all airlines to overhaul and change the hydraulic valves on the Boeing 737 aircraft in operation.

Parker Climate Control

Parker Electromechanica

Parker Filtration

Parker Fluid and Gas Handling

Main building Parker TFDE, Bielefeld

Tube Fittings Division Europe

The Tube Fittings Division Europe (TFDE) is one of the largest divisions in Europe with 5 locations. The TFDE's headquarters are in Bielefeld , East Westphalia , plus the locations at Schloss-Holte Stukenbrock , Augustdorf , Siechnice (Poland) and Stavanger (Norway). The Tube Fittings Division Europe manufactures with approx. 1,000 employees as the world market leader in soft-sealing high-performance pipe fittings and traditional metal-sealing pipe fittings. The main location emerged from the Ermeto unions factory and still primarily produces pipe unions today. In 1992 the company introduced the EO-2 screw connection, which is a further development of the cutting ring screw connection (Ermeto screw connection) that has been manufactured since 1952 . The latest screw connection is the EO-3 screw connection presented in 2013, which is characterized, among other things, by an indicator ring for assembly control. In addition to the automotive industry , TFDE's sales markets include the aviation industry , the railroad industry, the shipping and offshore industry, the oil industry and the mechanical engineering industry.

Parker Pneumatics

Parker Process Control

Sealing & Shielding

Parker-Hannifin in Germany

In 1962, Parker took over the Niehler Maschinenfabrik (NMF) in Cologne as the first production site in Europe and thus entered the German market.

The German sales center of Parker-Hannifin GmbH is located in Kaarst (North Rhine-Westphalia).

The European distribution center (EDC) is based in Bielefeld .

Individual evidence

  1. ↑ a b c Annual Report 2017 , accessed on December 19, 2017
  2. ↑ Division | Brand - Parker. In: Parker Hannifin Corporation. Retrieved June 17, 2016 .
  3. ^ Parker - Engineering your success. (No longer available online.) In: www.parker.com. Archived from the original on April 10, 2016 ; Retrieved June 17, 2016 . Info: The archive link was inserted automatically and has not yet been checked. Please check the original and archive link according to the instructions and then remove this notice. @1@ 2Template: Webachiv / IABot / www.parker.com
  4. ↑ Parker Germany - About us. In: Parker Hannifin Corporation. Retrieved June 17, 2016 .
  5. ^ A b c Meet Parker Hannifin, a 100 year-old company working on AR . In: VentureBeat , April 10, 2017. Retrieved June 21, 2017. 
  6. ↑ a b c d e Innovation Factory: How Parker Hannifin Pumps Out Breakthrough Products . In: Forbes , April 15, 2015. Retrieved June 21, 2017. 
  7. ^ A b c Hunter Slaton (Ed.): Vault Guide to the Top Manufacturing Employers . Vault Inc., New York, NY 2006, ISBN 1-58131-405-1 , pp. 337-338, (accessed June 21, 2017).
  8. ↑ Lindbergh's lifeline . In: Forbes , September 8, 1997. Retrieved June 21, 2017. 
  9. ↑ a b c d Motion Control . In: Industry Today , 2008. Retrieved June 27, 2017. 
  10. ^ A b c d Parker-Hannifin Buys Growth . In: The New York Times , December 28, 1979. Retrieved June 27, 2017. 
  11. ^ A b Parker-Hannifin Names Successor to a Parker . In: The New York Times , April 26, 1982. Retrieved June 27, 2017. 
  12. ↑ Parker namesake passes away . In: Crain's Cleveland Business , July 7, 2005. Retrieved June 27, 2017. 
  13. ↑ Parker Hannifin Corp . Case Western Reserve University. Retrieved June 27, 2017.
  14. ↑ Parker Hannifin opens 200th ParkerStore in US . In: Control Engineering Daily , September 30, 2003. Retrieved June 27, 2017. 
  15. ^ Former Parker Hannifin home will be transformed . In: Crain's Cleveland Business , August 23, 2015. Retrieved June 27, 2017. 
  16. ^ Parker Hannifin European Headquarters . In: Architect Magazine , July 7, 2011. Retrieved June 27, 2017. 
  17. ^ A b Parker Hannifin Agrees to Acquire Commercial Intertech for $ 366 million . In: The Wall Street Journal , January 18, 2000. Retrieved June 27, 2017. 
  18. ^ Parker Hannifin to Acquire Commercial Intertech . In: The New York Times , January 18, 2000. Retrieved June 27, 2017. 
  19. ^ Parker Hannifin Aims to WIN with Lean . In: IndustryWeek , April 21, 2010. Retrieved June 27, 2017. 
  20. ^ Parker-Hannifin: Acquisitions, Win Strategy to Drive Growth . In: Nasdaq , March 13, 2017. Retrieved June 27, 2017. 
  21. ↑ Parker wins $ 2 billion in contracts for Airbus A350 . In: Cleveland.com , Advance Ohio, January 17, 2008. Retrieved June 27, 2017. 
  22. ↑ Parker Hannifin CEO Don Washkewicz Stepping Down . In: The Wall Street Journal , January 21, 2015. Retrieved June 27, 2017. 
  23. ^ Parker-Hannifin to buy Clarcor to double filtration systems business . In: Reuters , December 1, 2016. Retrieved June 27, 2017. 
  24. ^ Parker-Hannifin Is Hot in Cleveland . In: Bloomberg , December 1, 2016. Retrieved June 27, 2017. 
  25. ↑ Parker-Hannifin Fact Sheet 2015. (PDF; 122 kB) Parker-Hannifin, accessed on June 17, 2016 (English).
  26. ^ Parker TFDE - About us. Retrieved June 17, 2016 (German).
  27. ↑ World first: EO-3. Parker Hannifin TFDE, Germany, accessed June 17, 2016 .
  28. ↑ Parker Tube Fittings Division Europe German image film. Retrieved June 17, 2016 .