Parker Consolidates Climate, Industrial Controls Group
CLEVELAND -- Parker Hannifin Corp. has consolidated its Climate and Industrial Controls group into other operating groups within its industrial segment, says Don Washkewicz, chairman, president and CEO.
As a result of the consolidation and the resulting management structure, Parket Hannifin will have two reporting segments beginning in its fiscal 2014: Diversified Industrial (which will continue to include 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," Washkewicz said in a prepared statement. "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."
In fiscal 2014, the financial results of the CIC group will be reported in the Diversified Industrial Segment. Based on geography, some 70% of CIC group sales will be reported within Diversified Industrial North America and approximately 30% of CIC group sales will be reported within Diversified Industrial International.
The company also announced that, beginning with the first quarter of fiscal 2014, it will provide supplemental information, including sales, on three global technology platforms. This supplemental information is intended to provide greater clarity into the operations that comprise the Diversified Industrial Segment. The three global technology platforms are, based on complementary technologies, strategically aligned and will be called “Motion Systems, Flow and Process Control” and “Filtration and Engineered Materials.”
With annual sales exceeding $13 billion in fiscal 2012, Parker Hannifin is a diversified manufacturer of motion and control technologies and systems with 60,000 employees in 48 countries.
Copyright 2013 The Business Journal, Youngstown, Ohio.
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