Parker Hannifin Corporation (NYSE: PH) motion and control technologies trail blazer, will celebrate 50 years of growth and innovation since its initial public offering (IPO) at the New York Stock Exchange (NYSE.)
Donald E. Washkewicz, Chairman of the Board, Chief Executive Officer and President, rang The Closing Bell at 4pm on 24 April.
“When Parker went public in 1964, it was mid-stride in a decade that would bring significant change in advancing our position today as a global leader in motion and control technologies and systems,” said Washkewicz. “Rooted in our founder Art Parker’s vision to benefit customers through innovative engineering, today Parker technologies, powered by 58,000 employees worldwide, can be found in almost anything that requires motion and control – from aerospace to modern healthcare to efficient energy generation – making a positive impact around the world while driving long-term shareholder value.”
Since its founding in 1918 in a tiny Cleveland loft, Parker nurtured that early inventive spirit. The company has achieved its global position with engineering expertise and product and systems offerings that span across electromechanical, hydraulic and pneumatic, fluid and gas handling, filtration, sealing and shielding, climate control, process control and aerospace. Parker listed on the NYSE on December 9, 1964. On that day, Parker’s senior leaders opened the NYSE with a listing ceremony to mark the first day of trading Parker common stock on a public exchange. Just two years later, Parker was named in the Fortune 500 list.
Here is a brief look at Parker’s accomplishments in the decades since its IPO:
- The company drove nearly 400% growth in the 1960s, from US$51m at the start of the decade to US$197m at the end of 1969. Parker components were instrumental in enabling the historic Apollo 11 moon-landing mission in 1969.
- In the 1970s, sales reached US$500m for the first time.
- 36 acquisitions in the 1980s were focused in hydraulics, pneumatics and electromechanical technologies.
- Parker revolutionized value-added services in the 1990s with innovative concepts such as Parker Stores, which now form a global network of independently-owned industrial retail operations with more than 2,200 stores.
- The Win Strategy in the 2000s provided the principal focus for how the company would run its operations through empowered employees, premier customer service, competitive financial performance and profitable growth.
Today and in the years ahead, Parker remains committed to delivering game-changing innovation that helps solve the world’s greatest engineering challenges.