Parker Signs PPP Agreement with US Navy Fleet Readiness Center-Southwest

Parker Aerospace, a business segment of Parker Hannifin Corporation (NYSE: PH), the global leader in motion and control technologies, is pleased to announce that a public-private partnership (PPP) agreement has been signed with the U.S. Navy's Fleet Readiness Center-Southwest (FRC-SW) in San Diego. The agreement was signed on September 27, with a formal signing ceremony on October 6. This ceremony was the formal kick-off to the Parker/FRCSW partnership covering all Parker bills of material on F/A-18A through G aircraft platforms. Parker Aerospace and the Navy's buying command NAVSUP WSS have completed establishing the parts list for the product that will now come directly to Parker. The PPP supports the Parker Aerospace Customer Support Operations strategy to expand its logistic services offerings by enabling the Navy to contract directly with Parker on workloads that formerly would have been direct to the depot without Parker's involvement. "Under the PPP agreement, Parker supports the experienced team at FRCSW and supplies all of the parts and support necessary to perform the repairs with the mutual objective of ensuring service readiness of the worldwide fleet," noted Vice President of Parker Aerospace Customer Support Operations Bonnie Peat. The Navy expressed a desire to contract directly with Parker on all the F/A-18, E-2, and V-22 Parker parts, which has the potential to generate $10M revenue annually. For this contract, Parker will hire a resource to manage the business on-site at FRCSW. An on-site office and area for Parker's inventory and kitting of bills of material has been provided. "We're excited about the finalization of this new partnership," added Peat. "It offers great advantages, proficiency, and productivity to the Navy. We are pleased that Captain Smajdek and his team have added Parker to their list of industry partners."

Source: Parker Aerospace
Date: Dec 18, 2011