type public traded as nyse ph s & p 500 component industry motion and control technologies founded 1917 cleveland ohio usa founder arthur l. parker headquarters mayfield heights ohio united states number of locations 341 manufacturing sites area served worldwide key people thomas l. williams ceo lee c. banks president & coo donald e. washkewicz chairman revenue us 13.2 billion 2014 1 operating income us 1.33 billion 2014 1 net income us 1.04 billion 2014 1 total assets us 13.27 billion 2014 1 total equity us 6.66 billion 2014 1 number of employees 57 447 website www.parker.com parker hannifin corporation originally parker appliance company usually referred to as just parker is an american corporation specializing in motion and control technologies . its corporate headquarters are in mayfield heights ohio in greater cleveland with a cleveland mailing address . 2 3 the company was founded in 1917 and has been publicly traded on the nyse since december 9 1964 . parker hannifin is one of the largest companies in the world in motion control technologies including aerospace climate control electromechanical filtration fluid and gas handling hydraulics pneumatics process control and sealing and shielding . parker employs about 58 000 people globally . in 2016 the company was ranked 230 in the fortune 500 . 4 contents 1 business groups 2 history 3 aerospace group 3.1 greener aircraft and reduced emissions 4 boeing 737 incidents 5 f 35 6 references 7 external links business groups edit parker is divided into 7 operating groups with service to 55 countries on six continents in these 9 technology areas . aerospace climate control filtration fluid & gas handling electromechanical hydraulics pneumatics process control sealing & shielding history edit milestones 1917 parker appliance company was founded by arthur l. parker . 5 1919 on a promotional trip to boston the truck and trailer carrying the company s entire inventory blew a tire destroying all of its inventory . parker appliance company became bankrupt and its founder returned to an engineering post at a nickel plate road plant but vowed to start again . 1924 arthur l. parker saved and restarted the parker appliance company and the pneumatic hydraulic components division succeeded by serving automotive and aviation customers . citation needed 1927 parker s reputation for producing reliable high pressure connections led aviator charles lindbergh to specify parker fittings for the spirit of st. louis historic first atlantic crossing . 1935 in the midst of the depression optimistic arthur parker bought a 500 000 square foot 42 000 m2 cleveland auto plant from hupp motor car company to house his 38 employee company . 1939 parker appliance sales reached 3 million . 1943 parker employed 5 000 clevelanders all in defense production . 1945 company founder arthur l. parker died ; world war ii s end halted defense contracts . with no industrial business the company faced near liquidation . the founder s wife helen parker refused to give up and hired new management who gradually rebuilt industrial business . son patrick s. parker eventually took control of the company . 1953 parker made its first acquisition the synthetic rubber products company in los angeles california . 1957 an acquisition era is underway . with the acquisition of hannifin corporation came new cylinder and valve products and a new corporate name parker hannifin corporation . 1960 a new international division was formed to market parker products abroad . 1964 shares of parker hannifin stock nyse ph were traded on the new york stock exchange for the first time . 1966 parker hannifin entered fortune 500 listing of top companies . 1969 parker has operations in 10 countries in europe and latin america . pat parker the founder s son was elected president of parker and parker products land on the moon with american astronaut neil armstrong . 1976 parker introduced a new company logo . 1977 parker sales reached 500 million . 1978 parker strengthened its position in the aerospace market with the acquisition of the bertea corporation which laid the foundation for future leadership in flight controls hydraulics and fuel management systems . 1981 parker sales reached 1.1 billion . 1983 parker formed a joint venture in china . 1988 marking its 70th anniversary parker made seven acquisitions and exceeded 2 billion in sales . 1992 parker globalized its business by forming worldwide products groups . 1994 the first retail store parkerstore opened with the objective to reach the aftermarket and gain a greater customer share . 1997 parker moved to brand new world headquarters building in mayfield heights ohio a suburb of cleveland . 2000 parker sales reached 5.4 billion . the company merged with commercial intertech its largest deal at the time and completed four other acquisitions . 2001 parker introduced the win strategy with the single goal to raise the performance of the company to a higher level . in europe parker acquired several large companies in the fluid power business from 1997 and forward such as commercial hydraulics and voac hydraulics . citation needed 2005 patrick s. parker died . parker sales reach 8.2 billion and the company acquired six companies and was awarded the hydraulic subsystem for the new boeing 787 dreamliner passenger jet . 2006 parker had made 210 strategic acquisitions since the company s founding . 2007 parker opened its 1 000th parkerstore . 2011 parker reached record sales of 12.3 billion . aerospace group edit parker aerospace is a global leader in hydraulic fuel flight control pneumatic electronics cooling and fluid conveyance components and systems and related electronic controls for aerospace and other high technology markets . its products are used on aircraft manufactured throughout the world today including commercial transports military fixed wing planes regional and business aircraft helicopters missiles and unmanned aerial vehicles . based in irvine california parker aerospace operates 39 facilities in the americas europe and asia . the latest programs include the comac c919 rolls royce trent xwb engine bombardier cseries and global 7000 8000 embraer legacy 500 450 mitsubishi regional jet gulfstream g650 model 850 citation columbus and airbus a350 xwb . greener aircraft and reduced emissions edit parker aerospace is a longtime airbus supplier with special competencies in multifunctional system integration . parker is partnering with airbus to develop fuel cell technology as an alternative energy source for on ground and in flight electrical power supply . within this partnership airbus will be responsible for the overall aircraft system architecture and technology integration into the aircraft and parker will supply the multifunctional fuel cell system and manage different subsystem suppliers . a fuel cell is a device which transforms the energy contained in hydrogen and oxygen into electricity through a direct chemical conversion at a low temperature without moving parts . the exhaust product is water and in the case of an air breathing system oxygen depleted air . the electricity produced by fuel cells can be cleaner and more efficient than combustion engines depending on the hydrogen source . in addition the water and the oxygen depleted air inert gas can be used on the airplane to substitute the water and inerting systems . the objective of the cooperation is the development of a technology demonstrator followed by a joint flight test campaign for the middle of the decade including operational and infrastructural tests . with parker aerospace involved in the project from this earliest phase industrialization can be considered throughout the development of the process rather than at the end . airbus considers fuel cell technology as a key contributor to meeting the acare 2020 goals which foresee the reduction of co2 emissions by 50 % nox emissions by 80 % and noise by 50 % . boeing 737 incidents edit main article boeing 737 rudder issues in 1995 it was discovered that failures in a servo unit supplied by parker hannifin to boeing for use in their 737 aircraft may have contributed to several incidents including that of united airlines flight 585 and usair flight 427 . 6 7 in 2004 a los angeles jury ordered parker hannifin to pay us 43 million to the plaintiff families of the 1997 silkair flight 185 crash in indonesia . parker hannifin subsequently appealed the verdict which resulted in an out of court settlement for an undisclosed amount . the national transportation safety committee could not determine the cause of the crash due to the near total lack of physical evidence and complete destruction 8 this in contrast to the us national transportation safety board however which disagreed and determined that the crash was caused possibly intentionally by the pilot . 9 10 the faa ordered an upgrade of all boeing 737 rudder control systems by november 12 2002 . parker argued that the components they supplied were not at fault citing that the product has one of the safest records in its class but the faa directive went through regardless . 11 f 35 edit on 18 january 2013 the f 35b variant of the lockheed martin f 35 lightning ii was grounded after the failure of a fueldraulic line in the aircraft s propulsion system that controls the exhaust vectoring system . this was in response to an incident on 16 january where the propulsion system experienced a fueldraulic failure prior to a conventional takeoff . the precautionary flight suspension is to preserve safety while providing time to understand the origin of the failure of the propulsion fueldraulic line . 12 the failure was found to be a manufacturing defect by parker hannifin s stratoflex division . 13 14 references edit a b c d e parker hannifin 2014 annual report . parker hannifin . certificate of property insurance . parker hannifin . march 28 2012 . retrieved on december 25 2012 . parker hannifin corporation 6035 parkland blvd cleveland oh 44124 4141 usa 2010 census census block map mayfield heights city oh . archived 2012 12 25 at webcite u.s. census bureau . retrieved on december 25 2012 . fortune 500 . fortune . retrieved 2016 03 22 . parker decades history video http video.parker.com parker videos corporate parkerhistory en index.html robert j. boser . what is the status of the solution to the b 737 rudder design defect . airlinesafety.com . retrieved 2008 11 18 . pittsburgh disaster adds to 737 doubts . seattle times . 1996 . retrieved 2008 11 17 . valerie chew september 30 2009 . crash of silkair flight mi 185 . national library board . retrieved may 26 2012 . silkair 185 pilot suicide documentary . national geographic . 2007 . remembering the musi silkair flight mi 185 crash victim identification pdf . annals academy of medicine . 36 10 866 . 2007 . airworthiness directives ; boeing model 737 series airplanes pdf . faa . retrieved 2008 11 17 . f 35b grounded after fueldraulic line failure flightglobal.com january 18 2013 engineers discover culprit behind f 35b fueldraulic line failure . stratoflex parker . external links edit cleveland portal companies portal aviation portal parker hannifin corporation retrieved from https en.wikipedia.org w index.php title parker hannifin & oldid 742976813 categories companies listed on the new york stock exchangemanufacturing companies based in cleveland ohiocompanies established in 1964conglomerate companies of the united statescuyahoga county ohiohidden categories all articles with unsourced statementsarticles with unsourced statements from november 2013 navigation menu personal tools not logged intalkcontributionscreate accountlog in namespaces article talk variants views read edit view history more search navigation main pagecontentsfeatured contentcurrent eventsrandom articledonate to wikipediawikipedia store interaction helpabout wikipediacommunity portalrecent changescontact page tools what links hererelated 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