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.”

About Parker Aerospace. Parker Aerospace is an operating segment of Parker Hannifin Corporation. Parker Aerospace designs, manufactures, and services flight control, hydraulic, fuel, fluid conveyance, thermal management, and engine components and systems for aerospace and other high-technology markets. Based in Irvine, California, its product lines include primary and secondary flight control actuation, power generation and control components, thrust-reverser actuation systems, electrohydraulic servovalves, electric motor-driven hydraulic pumps, fuel pumps, motor-operated valves and fuel equipment, lubrication oil reservoirs, lubrication and scavenge pumps, fuel measurement and management systems, cockpit instrumentation, flight inspection systems, lightning-safe products, pneumatic subsystems and components, fluid metering delivery and atomization devices, wheels, brakes, and fluid conveyance products such as hoses, tubes, disconnects, and fittings.

About Parker Hannifin. With annual sales exceeding $12 billion in fiscal year 2011, 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 58,000 people in 47 countries around the world. Parker has increased its annual dividends paid to shareholders for 55 consecutive years, among the top five longest-running dividend-increase records in the S&P 500 index. For more information, visit the company’s web site at http://www.parker.com, or its investor information site at http://www.phstock.com.