CLEVELAND, Jan. 31 /PRNewswire-FirstCall/ -- The Board of Directors of Parker Hannifin Corporation (NYSE: PH) today reported the election of three new corporate officers, Joseph J. Vicic, A. Ricardo Machado, and John G. Dedinsky.
Vicic, 60, is President of Parker's Asia Pacific Group, a position he has held since 1994. During his nearly 40 year Parker career, Vicic has held a variety of engineering, sales and general manager positions in Parker's Aerospace, Fluid Connector and Seal businesses. Vicic earned a B.S. degree in Industrial Technology from Ohio University. He has also completed the Advanced Management Program of the Harvard Business School.
"Under Joe's leadership, Parker has experienced solid, steady growth in the Asia Pacific region for more than a decade," said Nick Vande Steeg, Parker President and COO. "Living in the Asia Pacific region for more than twenty years, Joe has not only nurtured Parker's growth in Asia, but his intimate understanding of local markets and business practices have set a firm foundation for sustaining ongoing growth in this region."
Machado, 58, is President of Parker's Latin America group. Since beginning his Parker career in 1992, Machado has led the establishment of Latin American manufacturing operations for Parker's Automation, Hydraulics, Fluid Connectors and Climate businesses. Machado has a B.S. in Mechanical Engineering from the University of Campinas, S.P., a Business Administration degree from the Pontifical Catholic University and a Graduate Studies degree in Finance Administration from Getulio Vargas Foundation Graduate School. He has also completed the Advanced Management Program of the Harvard Business School.
"Ricardo has been at the forefront of our global expansion into Latin America," said Vande Steeg. "During his tenure, Parker's Latin America market share has grown dramatically. He has done an outstanding job of communicating and implementing our Win Strategy throughout the region, keeping us on a path to continue to grow profitably in this exciting area of the world."
Dedinsky, 48, joined Parker in 1979 and has served in a number of accounting, finance, and purchasing positions during his career. He is currently Vice President - Global Supply Chain and Procurement with strategic responsibility for all Parker supply chain and procurement activities worldwide. Dedinsky earned his Bachelor's and MBA degrees from Cleveland State University.
"John has done an outstanding job of executing Parker's Win Strategy," said Parker Chairman and CEO Don Washkewicz. "Under his direction, we have solidified relationships with best-in-class suppliers across the world, and developed a comprehensive supply chain strategy for Parker. John's activities are critical to ensuring we provide our customers with premier customer service."
With annual sales exceeding $8 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 50,000 people in 46 countries around the world. Parker has increased its annual dividends paid to shareholders for 49 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.
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 and individual segments may differ materially from current expectations, depending on economic conditions within both its industrial and aerospace markets, and the company's ability to achieve anticipated benefits associated with announced realignment activities, strategic initiatives to improve operating margins, and growth and innovation initiatives. A change in economic conditions in individual markets may have a particularly volatile effect on segment results. Among the other factors which may affect future performance are: changes in business relationships with and purchases by or from major customers or suppliers, including delays or cancellations in shipments; uncertainties surrounding timing, successful completion or integration of acquisitions; threats associated with and efforts to combat terrorism; 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 employee retirement and health care benefits and insurance; and global economic factors, including manufacturing activity, air travel trends, currency exchange rates, difficulties entering new markets and general economic conditions such as inflation and interest rates. The company makes these statements as of the date of this disclosure, and undertakes no obligation to update them.
SOURCE Parker Hannifin Corporation 01/31/2006 CONTACT: Media, Christopher Farage, Vice President Corp. Communications, +1-216-896-2750, or email@example.com, or Financial Analysts, Pamela Huggins, Vice President, Treasurer, +1-216-896-2240, or firstname.lastname@example.org, both of Parker Hannifin Corporation