The creation of the Energy Grid Tie Division will permit the SSD Drives Division to remain focused on industrial automation and mobile drives markets, whereas the new division is dedicating its resources to the global energy market.
The new Energy Grid Tie Division is focusing its operational and global growth strategies on utility scale power conversion and energy storage products and technology. Its products are used to support the rapidly expanding renewable energy market and the associated energy storage requirements needed to integrate renewable sources and to improve utility grid stability and quality. Jim Hoelscher will lead the new division as General Manager. For more information on the new division, please visit http://www.parker.com/
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 website at www.parker.com, or its investor information website at www.phstock.com.