CLEVELAND, Jan. 28 /PRNewswire-FirstCall/ -- Parker Hannifin Corporation
(NYSE: PH), the global leader in motion and control technologies, today
announced that its Parker Aerospace segment has been chosen by Rolls-Royce to
partner on its Trent XWB engine program.
(Logo: http://www.newscom.com/cgi-bin/prnh/19990816/PHLOGO )
The Rolls-Royce Trent XWB is the sole engine currently available to power
the new Airbus A350 XWB family of aircraft. At the date of this announcement,
Rolls-Royce has received orders for over 1,000 Trent XWB engines, representing
an unprecedented launch position for a large civil aerospace engine at such an
early stage in the program.
Parker estimates that the agreement will generate approximately $2.5
billion in revenues over the life of the program.
"Through this partnership, Parker is building on a history of success with
Rolls-Royce on the Trent engine series," said Bob Barker, president of Parker
Aerospace and executive vice president and operating officer of Parker
Hannifin. "This long-term partnership allows Parker to invest in the future
and contributes to our growing presence in Europe, supporting one of the
world's premier engine manufacturers. The Trent XWB will be used by airline
fleets around the globe."
Product design, manufacture, and support will be completed by multiple
Parker Aerospace divisions, including the Air & Fuel Division and Customer
Support Operations in Irvine, California; Nichols Airborne Division in Devens,
Massachusetts; and Stratoflex Products Division in Fort Worth, Texas.
The first Parker-supplied Trent XWB components are scheduled for delivery
to Rolls-Royce in late 2009. Initial ground testing of the Trent XWB is due
to commence in 2010, with maiden flight on the new Airbus twinjet scheduled
for 2012.
A continued focus on business fundamentals and performance improvements
driven by Parker's Win Strategy has allowed Parker to deliver the increased
value that its customers are seeking. The Win Strategy ensures a focus on
value-added services, attention to customer needs, a culture of planned
innovation that secures rewards for investors far into the future, and a
trusted partnership for Parker customers.
Parker Aerospace looks forward to enhancing its existing relationship with
Rolls-Royce on this exciting new program.
Trent XWB engine
The bill of material covers several product lines in support of
Rolls-Royce requirements: the pneumatics valve suite that enables anti-icing,
turbine case cooling and engine bleed functions; the oil pump that feeds oil
to bearings and gearboxes and scavenges that return oil; and the hydraulic
engine build-up (EBU) system that includes tubes, hoses and attaching hardware
required to convey the aircraft hydraulic power between the engine-mounted
pumps and the aircraft.
Lifetime customer support
As part of the partnership, Parker will provide all-inclusive customer
service and support on its components for the life of the engine program.
This approach is a continuing tradition for Parker on Rolls-Royce TotalCare(R)
programs and helps provide optimized, predictable cost over the long-term.
Parker on Rolls-Royce programs
Parker Aerospace supports many Rolls-Royce engine programs, including the
RB211 and RB715; BR710, and BR710A2-20; Trent 500, 800, 1000, TP400 and
Industrial Trent; and Liftfan clutch actuation system.
The Rolls-Royce Trent XWB engine is being developed for the new Airbus
A350 extra-wide body family of aircraft. Parker will provide the complete
hydraulic and fuel systems for the A350 XWB, as well as the fuel tank inerting
system.
About Parker Hannifin Corporation
Parker Aerospace is an operating segment of Parker Hannifin Corporation.
Parker Aerospace designs, manufactures, and services hydraulic, fuel, flight
control, pneumatic, electronics cooling, and fluid conveyance components and
systems, and related electronic controls for aerospace and other high-
technology markets. Based in Irvine, California, its product lines include
flight control actuation systems and components, thrust-reverser actuation
systems, electrohydraulic servovalves, utility hydraulic systems and
components, DC motor pumps, fuel pumps, motor operated valves and fuel
equipment, lubrication oil reservoirs, lubrication and scavenge pumps, fuel
measurement and management systems, cockpit instrumentation, flight inspection
systems, lightning-safe products, pneumatic subsystems and components, fluid
metering delivery and atomization devices, wheels, brakes, and fluid
conveyance products such as hoses, tubes, disconnects, and fittings.
With annual sales exceeding $12 billion, Parker Hannifin is the world's
leading 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 more than
62,000 people in 48 countries around the world. Parker has increased its
annual dividends paid to shareholders for 52 consecutive years, among the top
five longest-running dividend-increase records in the S&P 500 index. For more
information, visit the company's web site at http://www.parker.com, or its
investor information site at http://www.phstock.com
Forward-Looking Statements
Forward-looking statements contained in this and other written and oral
reports are made based on known events and circumstances at the time of
release, and as such, are subject in the future to unforeseen uncertainties
and risks. All statements regarding future performance, earnings projections,
events or developments are forward-looking statements. It is possible that the
future performance and earnings projections of the company and individual
segments may differ materially from current expectations, depending on
economic conditions within its mobile, industrial and aerospace markets, and
the company's ability to maintain and achieve anticipated benefits associated
with announced realignment activities, strategic initiatives to improve
operating margins, actions taken to combat the effects of the current
recession, and growth, innovation and global diversification initiatives. A
change in economic conditions in individual markets may have a particularly
volatile effect on segment results. Among the other factors which may affect
future performance are: changes in business relationships with and purchases
by or from major customers or suppliers, including delays or cancellations in
shipments or significant changes in financial condition; uncertainties
surrounding timing, successful completion or integration of acquisitions;
threats associated with and efforts to combat terrorism; uncertainties
surrounding the ultimate resolution of outstanding legal proceedings;
competitive market conditions and resulting effects on sales and pricing;
increases in raw material costs that cannot be recovered in product pricing;
the company's ability to manage costs related to employee retirement and
health care benefits and insurance; and global economic factors, including
manufacturing activity, air travel trends, currency exchange rates,
difficulties entering new markets and general economic conditions such as
inflation, deflation, interest rates and credit availability. The company
makes these statements as of the date of this disclosure, and undertakes no
obligation to update them.
