CLEVELAND, Dec. 7 /PRNewswire-FirstCall/ -- Parker Hannifin Corporation
(NYSE: PH) and FedEx Ground, a unit of FedEx Corp. (NYSE: FDX), today
announced they have agreed to test a Class 6 vehicle employing hybrid
hydraulic technology that seeks to improve fuel mileage by greater than 50
percent and significantly reduce engine emissions.
(Logo: http://www.newscom.com/cgi-bin/prnh/19990816/PHLOGO )
The new vehicles will rely on a Parker series hybrid hydraulic drive that
eliminates the conventional transmission, along with its weight and
maintenance, while improving drive train power density. Primary pump/motor
components developed by Parker leverage additional technologies developed by
the EPA to create a true series hybrid drive as opposed to a parallel system
that would increase vehicle weight. The system captures, stores and deploys
energy by recovering inertial energy and optimizing engine efficiency, using
Parker hydraulic technology.
"This relationship with FedEx Ground marks the latest chapter in Parker's
10-year history of energy saving hydraulic drive systems for commercial
vehicles," said Dr. Joseph A. Kovach, Vice President of Technology and
Innovation for Hydraulics at Parker. "We are extremely pleased FedEx Ground is
working with us as a collaborator for this program."
"In Parker, FedEx Ground has found an excellent resource to help us
explore ways to improve the energy efficiency and emissions for our vehicles,"
said Ron Joseph, Senior Vice President Linehaul, Safety and Maintenance for
FedEx Ground. "FedEx Ground is working with Parker to evaluate the hydraulic
hybrid technology's viability in dramatically reducing annual fuel costs while
significantly reducing engine emissions."
A full suite of Parker products, including specifically-designed and
technologically-advanced pump/motors, hoses, fittings, valves, electronic
controls, and Parker high efficiency accumulators are incorporated into the
design. A working demo vehicle is projected to be available for FedEx Ground
within the next 12 months.
Parker expects the technology to have applications with other classes of
vehicles.
Today's announcement marks another environmentally-responsive advance by
FedEx Corp. FedEx Express, a unit of FedEx Corp., is a leader in the
development of other hybrid systems for smaller class four vehicles and has
hybrid electric vehicles with more than a million miles of operational
service.
The United States Environmental Protection Agency (EPA), as part of a
Cooperative Research and Development Agreement (CRADA), will continue
providing Parker additional technical assistance in the development of the
vehicle as it has for four years. These include in-kind engineering services,
test equipment and facilities. Initial EPA simulation modeling of city
driving confirms greater than 50 percent potential improvement in fuel mileage
efficiency.
About FedEx Corp.
FedEx Corp. (NYSE: FDX) provides customers and businesses worldwide with a
broad portfolio of transportation, e-commerce and business services. With
annual revenues of $36 billion, the company offers integrated business
applications through operating companies competing collectively and managed
collaboratively, under the respected FedEx brands. Consistently ranked among
the world's most admired and trusted employers, FedEx inspires its more than
280,000 employees and contractors to remain "absolutely, positively" focused
on safety, the highest ethical and professional standards and the needs of
their customers and communities. For more information, visit
http://www.fedex.com/ .
About Parker
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 51 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:
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 and maintain 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 or
significant changes in financial condition; 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, interest rates and credit availability.
The company makes these statements as of the date of this disclosure, and
undertakes no obligation to update them.
SOURCE Parker Hannifin Corporation
Media, Christopher M. Farage, Vice President, Corp. Communications,
+1-216-896-2750, cfarage@parker.com, or Financial Analysts, Pamela Huggins,
Vice President-Treasurer, +1-216-896-2240, phuggins@parker.com, both of Parker
Hannifin Corporation
