Parker Hannifin Corporation (NYSE: PH), the global leader in motion and control technologies, today announced that it has consolidated its Climate and Industrial Controls (CIC) group into other existing operating groups within the company’s Industrial Segment.
As a result of this consolidation and the 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 Chairman, CEO and President, Don Washkewicz. “We believe this change in group and management structure will better leverage the natural synergies among our operating groups and will foster greater focus, efficiencies and opportunities for growth. Our new reporting segment names more accurately describe the breadth of our capabilities and the position we have achieved as an innovative provider of highly engineered aerospace systems to our customers.”
To read more, please visit the Parker website.