Agreement expected to generate approximately $2.5 billion in revenues
(Cleveland, January 28, 2009) -- Parker Hannifin Corporation (NYSE: PH), the global leader in motion and control technologies, today announced that its Parker Aerospace segment has been chosen by Rolls-Royce to partner on its Trent XWB engine program.
The Rolls-Royce Trent XWB is the sole engine currently available to power the new Airbus A350 XWB family of aircraft. At the date of this announcement, Rolls-Royce has received orders for over 1,000 Trent XWB engines, representing an unprecedented launch position for a large civil aerospace engine at such an early stage in the program.
Parker estimates that the agreement will generate approximately $2.5 billion in revenues over the life of the program.
"Through this partnership, Parker is building on a history of success with Rolls-Royce on the Trent engine series," said Bob Barker, president of Parker Aerospace and executive vice president and operating officer of Parker Hannifin. "This long-term partnership allows Parker to invest in the future and contributes to our growing presence in Europe, supporting one of the world's premier engine manufacturers. The Trent XWB will be used by airline fleets around the globe."
Product design, manufacture, and support will be completed by multiple Parker Aerospace divisions, including the Air & Fuel Division and Customer Support Operations in Irvine, California; Nichols Airborne Division in Devens, Massachusetts; and Stratoflex Products Division in Fort Worth, Texas.
The first Parker-supplied Trent XWB components are scheduled for delivery to Rolls-Royce in late 2009. Initial ground testing of the Trent XWB is due to commence in 2010, with maiden flight on the new Airbus twinjet scheduled for 2012.
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