Parker Hannifin Corp. (NYSE: PH), Cleveland, OH, has consolidated its climate and industrial controls group into other existing operating groups within the company's industrial segment. As a result of this consolidation and resulting change in management structure, the company will have two reporting segments beginning with fiscal year 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," said CEO and president Don Washkewicz.
The company also announced that, beginning with the first quarter of fiscal year 2014, it will provide supplemental information, including sales, on three global technology platforms. This supplemental information is expected to provide greater clarity into the operations that comprise the diversified industrial segment. The three global technology platforms are strategically aligned based on complementary technologies and will be called motion systems, flow and process control, and filtration and engineered materials.
With annual sales exceeding $13 billion in fiscal year 2012, Parker Hannifin is a global diversified manufacturer of motion and control technologies and systems, providing precision-engineered solutions for mobile, industrial and aerospace markets.
