Archive Press Release
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Parker Hannifin Corp.
Release date: December 5, 2006
Parker Awarded Contracts for Airbus Fuel Tank Inerting System
CLEVELAND, Dec. 5 -- Parker Hannifin Corporation (NYSE: PH), the world leader in motion and control technologies, today announced that, in anticipation of forthcoming U.S. Federal Aviation Administration and the European Aviation Safety Agency rules, Airbus had awarded Parker the fuel tank inerting system contracts for the Airbus A400M military transport aircraft and Airbus long-range and single-aisle aircraft, which could include the A318, A319, A320, A321, A330, and A340. The value of the contracts could exceed $500 million over the life of the programs, which are respectively forecast to extend over several decades.
"Parker is the world leader in fuel inerting systems for commercial and military programs, with more than four decades of experience," said Bob Barker, president of Parker Aerospace. "Airbus is a highly valued Parker customer. We are pleased that Airbus has chosen us to deliver this system, to further enhance aircraft safety."
The Parker fuel tank inerting system uses air separation modules (ASMs) that generate nitrogen-enriched air by removing the oxygen from its air source and distributing it to the aircraft's center fuel tank, thereby reducing the flammability of fuel vapors in the tank. As the tier-one integrator, Parker will provide the core inerting technology subsystem consisting of the ASMs that produce the nitrogen and integrate it with a temperature-control subsystem developed by Liebherr Aerospace, Airbus's primary environmental control system supplier. The ASM fiber technology for the Airbus programs is patented and owned by Parker. The Parker inerting system is expected to enter into service on Airbus aircraft in the course of 2009.
With annual sales exceeding $9 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 commercial, mobile, industrial and aerospace markets. The company employs more than 57,000 people in 43 countries around the world. Parker has increased its annual dividends paid to shareholders for 50 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.
SOURCE: Parker Hannifin Corporation
CONTACT: Media Cheryl Flohr Director, Communications +1-949-851-3636, or cflohr@parker.com
Company Information: Name: Parker Hannifin Corp. Address: 500 S Glaspie St. City: Oxford State: MI ZIP: 48371 Country: USA Phone: 248-628-6400 FAX: 248-628-1850 http://www.parker.com
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