The company will now have two reporting segments come fiscal year 2014
CLEVELAND—Motion and control technology firm Parker Hannifin Corp. has consolidated its Climate and Industrial Controls (CIC) group into other existing operating groups within the company’s Industrial Segment.
The company will now have two reporting segments come fiscal year 2014: Diversified Industrial (which includes supplemental sales and profitability data for North America and International) and Aerospace Systems.
“We have completed strategic divestitures within the CIC group during this past year, including our previously announced transaction to sell the automotive air conditioning portion of our Mobile Climate Systems Division to ContiTech AG,” said chairman, CEO and president, Don Washkewicz.
“We believe this change in group and management structure will better leverage the natural synergies among our operating groups and will foster greater focus, efficiencies and opportunities for growth. Our new reporting segment names more accurately describe the breadth of our capabilities and the position we have achieved as an innovative provider of highly engineered aerospace systems to our customers.”
The three global technology platforms are aligned based on complementary technologies and will be called Motion Systems, Flow and Process Control, and Filtration and Engineered Materials.
“We believe that this information will broaden awareness of our competitive strengths and the scope of our global footprint, end markets, sales channels, products and applications,” added Washkewicz.
With annual sales exceeding $13 billion in fiscal year 2012, Parker Hannifin is a diversified manufacturer of motion and control technologies and systems, providing precision-engineered solutions for a wide variety of mobile, industrial and aerospace markets. The company employs approximately 60,000 people in 48 countries.