Parker Hannifin Awarded $2 billion in contracts with Airbus

Parker Hannifin Wins $2B Airbus Contract
Thursday January 17, 8:45 am ET 
Parker Hannifin Aerospace Unit Wins $2B Contract to Build Fuel, Hydraulic Systems for Airbus

CLEVELAND (AP) -- Motion-control system maker Parker Hannifin Corp. said Thursday its aerospace unit was awarded $2 billion in fuel package and hydraulic system contracts for the new Airbus A350 extra wide-body aircraft.
 
 
Under the deal's terms, Parker will provide the fuel system equipment package, including a fuel measurement system, fluid mechanical equipment, engine feed and transfer fuel pumps and an inerting system -- a safety measure that displaces oxygen in the fuel tank.

The hydraulic power generation and distribution system contracts call for work on seven areas including pumps, reservoirs, manifolds, accumulators, thermal control, isolation and software. Together these provide the hydraulic system functions necessary to power and control the aircraft.

Separately, each contract is valued at more than $1 billion over the span of the programs, Parker said. The company didn't specify a timeframe for the projects.

The company also said Thursday its second-quarter profit rose 10 percent on higher industrial sales.

Shares rose $2.63, or 4 percent, to $68.50 in premarket electronic trading.