CLEVELAND, July 1 /PRNewswire-FirstCall/ -- Parker Hannifin Corporation
(NYSE: PH), the global leader in motion and control technologies, today held a
groundbreaking ceremony as the first step in the construction of its new
European headquarters in Etoy in the Canton of Vaud, Switzerland, located
approximately 25 miles northeast of Geneva.
(Logo: http://www.newscom.com/cgi-bin/prnh/19990816/PHLOGO )
Jean-Claude Mermoud, Minister of the Economy for the Canton of Vaud, and
Michel Roulet, Mayor of the City of Etoy, attended the ceremony, which was
hosted by Parker corporate officer Marwan Kashkoush, Executive Vice President
- Sales, Marketing and Operations Support. Special recognition was given to
the DEV (Development Economic State of Vaud), which supported Parker
throughout its location search, planning and negotiating phases.
"Since the inception of the Win Strategy in 2001, which sets company goals
for customer service, financial performance, and profitable growth, we have
concentrated on improving and expanding our sales and operations outside North
America," commented Kashkoush. "As a result, Parker's industrial sales are now
equally weighted between North American and International operations. This new
facility will help consolidate employees supporting our growth initiatives
into one location and underscores our commitment to European markets into the
future. In addition to the operating benefits of a central, pan-European
facility, the new facility will make use of tax incentives offered by the
Canton of Vaud, Switzerland to companies developing new businesses here."
The planned 57,000 sq. ft. building will house up to 150 people over the
next three to five years. A newly created shared services function will be
located here to support Parker sales and manufacturing operations in Europe,
the Middle East and Africa, covering 22 countries. In addition, employees of
a new Swiss sales company, and a number of senior level Parker leaders from
other Parker locations in Europe will operate out of the new facility.
With annual sales exceeding $10 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 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.
SOURCE Parker Hannifin Corporation
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