As leader of Parker's Latin America Group, Mr. Lima will be responsible for growing sales of all Parker technologies and products in this important growth region. He began his career with Parker in 2002 as a Controller for multiple divisions in Brazil, serving in financial management positions of progressively greater responsibility until 2009, when he was appointed to Seal Division General Manager based in Sao Paulo, Brazil where he was instrumental in a highly successful turnaround. Mr. Lima holds a Bachelor of Science degree in Electrical Engineering from the State University of Sao Paulo in Brazil, a minor in Accounting and Finance from the University of Illinois in the United States, and a master's degree in Economics from the Getulio Vargas Foundation in Brazil.
"Candido has demonstrated great leadership and operational acumen in significantly improving the performance of businesses he has had leadership responsibilities for," said Lee Banks, Executive Vice President and Operating Officer. "By taking a comprehensive approach and establishing clear goals and direction for his team, Candido has led change by fostering a culture where his employees are empowered to take action. We are confident that he will continue the success and growth of our business in the Latin America region."
Mr. Machado joined Parker in 1992 as the Latin America Group's Continuous Improvement Manager with the additional responsibility of establishing operations for Parker's Fluid Connectors Group in the region. Within two years, he became General Manager of the Brazilian Automation Division where he successfully helped Parker establish a leading position in Brazil for pneumatics. After six successful years as a General Manager, in 2000 he was promoted to Vice President and President - Latin America Group where his deployment of the Win Strategy has led to a period of growth and profitability for the region.
"We thank Ricardo for his leadership and especially his success growing Parker's business in the Latin America region," said Banks. "Under his watch, the Latin America Group has enjoyed unprecedented growth and within the last 10 years. Ricardo leaves behind a strong team that we are confident will continue our ongoing success in the region."
With annual sales exceeding $13 billion in fiscal year 2012, 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 mobile, industrial and aerospace markets. The company employs approximately 60,000 people in 48 countries around the world. Parker has increased its annual dividends paid to shareholders for 56 consecutive fiscal 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 www.parker.com or its investor information web site at www.phstock.com.
Forward-looking statements contained in this and other written and oral reports are made based on known events and circumstances at the time of release, and as such, are subject in the future to unforeseen uncertainties and risks. All statements regarding future performance, earnings projections, events or developments are forward-looking statements. It is possible that the future performance and earnings projections of the company, including its individual segments, may differ materially from current expectations, depending on economic conditions within its mobile, industrial and aerospace markets, and the company's ability to maintain and achieve anticipated benefits associated with announced realignment activities, strategic initiatives to improve operating margins, actions taken to combat the effects of the current economic environment, and growth, innovation and global diversification initiatives. A change in the economic conditions in individual markets may have a particularly volatile effect on segment performance. Among other factors which may affect future performance are: changes in business relationships with and purchases by or from major customers, suppliers or distributors, including delays or cancellations in shipments, disputes regarding contract terms or significant changes in financial condition, changes in contract cost and revenue estimates for new development programs and changes in product mix; ability to identify acceptable strategic acquisition targets; uncertainties surrounding timing, successful completion or integration of acquisitions; ability to realize anticipated cost savings from business realignment activities; threats associated with and efforts to combat terrorism; uncertainties surrounding the ultimate resolution of outstanding legal proceedings, including the outcome of any appeals; competitive market conditions and resulting effects on sales and pricing; increases in raw material costs that cannot be recovered in product pricing; the company's ability to manage costs related to insurance and employee retirement and health care benefits; and global economic factors, including manufacturing activity, air travel trends, currency exchange rates, difficulties entering new markets and general economic conditions such as inflation, deflation, interest rates and credit availability. The company makes these statements as of the date of this disclosure, and undertakes no obligation to update them unless otherwise required by law.
Aidan Gormley, Director, Corporate Communications
Financial Analysts -
Pamela Huggins, Vice President & Treasurer