What Does the Parker Hannifin Corporation Do?

The Parker Hannifin Corporation specializes in engineering and manufacturing motion and control technologies for aerospace, fluid and gas handling, pneumatics, electromechanics and climate control. It manufactures fundamental industrial items like motors, pumps, tubes, pipes and rubber seals, and it has collaborated with the Cleveland Clinic to produce medical technology.

Founded in Cleveland, Ohio in 1918, Parker Hannifin is one of the world's largest producers of motion control technologies, with more than $13 billion in sales in 2014. The company was originally known as the Parker Appliance Company and was founded by Arthur Parker. In 1919, a blown tire resulted in an accident that destroyed the company's entire inventory, which caused the company to go bankrupt. Parker then restarted the company in 1924, and three years later, the company supplied aviation parts to Charles Lindbergh for his record-breaking transatlantic flight.

Parker Appliance Company purchased the Hannifin Corporation in 1957 and subsequently changed its name to the Parker Hannifin Corporation. The company became publicly traded in 1964 when shares of Parker Hannifin stock were listed on the New York Stock Exchange. The company has its headquarters in Mayfield, Ohio. It operates 341 manufacturing facilities in North America, Europe, Latin America and Asia.