Parker’s senior leaders and the Board of Directors celebrated 50 years of growth and innovation since its initial public offering (IPO) at the New York Stock Exchange (NYSE). Parker’s Chairman, CEO and President Don Washkewicz rang The Closing Bell® April 24, 2014.
“When Parker went public in 1964, it was mid-stride in a decade that would bring significant change in advancing our global position today as a leading technology company,” said Chairman, CEO and President Don Washkewicz. “Rooted in our founder Art Parker’s vision to benefit customers through innovative engineering, today Parker’s technology, powered by 58,000 people worldwide, can be found in almost anything that requires motion and control – from aerospace to modern healthcare to efficient energy generation – making a positive impact around the world while driving long-term shareholder value.”
Since being founded in 1918 in a tiny Cleveland loft, Parker has nurtured an inventive spirit. The company has grown to become the leader in motion and control technology, with engineering expertise that spans across electromechanical, hydraulic and pneumatic, fluid and gas handling, filtration, sealing and shielding, climate control, process control, and aerospace.
Parker listed on the NYSE on December 9, 1964. On that day, Parker’s senior leaders opened the NYSE with a listing ceremony to mark the first day of trading Parker common stock on a public exchange. Just two years later, Parker was named to the Fortune 500 list. Here is a brief look at Parker’s accomplishments in the decades since its initial public offering:
- The company drove nearly 400 percent growth in the 1960s, from $51 million at the start of the decade to $198 million at the end of 1969. Parker parts were instrumental in powering the historic Apollo 11 moon-landing mission in 1969.
- In the 1970s, sales reached $500 million for the first time, bolstered by continued work as a key supplier to enable space exploration.
- Thirty-six acquisitions in the 1980s allowed Parker to grow as the only company involved in the tri-technologies: hydraulics, pneumatics and electromechanical.
- Parker revolutionized value-added services in the 1990s with innovative concepts such as ParkerStores that offered walk-up repairs and specialists to perform on-site maintenance to demonstrate the company’s commitment to its customers. ParkerStores continue today, forming a global network of independently-owned industrial retail operations with more than 2,200 stores.
- The Win Strategy in the 2000s provided the principal focus for how the company would run its operations through empowered employees, premier customer service, competitive financial performance and profitable growth.
Parker remains committed to delivering game-changing innovation that helps solve the world's greatest engineering challenges, including powering human motion through leading technology like its Indego® exoskeleton, ensuring an environmentally responsible future through investments in alternative energy solutions, and paving new ground in medical technology.