Parker Hannifin's business operates in highly competitive markets and industries. The company offers hundreds of thousands of individual products over numerous, varied markets through its 142 divisions operating in 50 countries and consequently has thousands of competitors when viewed across the various markets and product offerings. The company's competitors include many large U.S. and non-U.S. companies, divisions of larger companies, and smaller regional or specialized companies. The degree of competition varies globally and regionally by product line, end market and geographic location. While each of the Parker Hannifin's segments has several global competitors and numerous regional and specialized local ones, given the company's market and product breadth, no single competitor competes with Parker Hannifin with respect to all products manufactured and sold.
In the Aerospace Segment, Parker Hannifin has developed alliances with key customers based on the Company's advanced technological and engineering capabilities, superior performance in quality, delivery, and service, and price competitiveness, which has enabled Parker Hannifin to obtain significant original equipment business on new aircraft programs for its systems and components and to thereby obtain the follow-on repair and replacement business for these programs. According to Parker Hannifin, it is one of the market leaders in most of the major markets for its Aerospace Segment products. Parker Hannifin's primary competitors in the company's Aerospace Systems segment include Aerospace Systems Segment products include Honeywell, UTC Aerospace Systems (formerly Goodrich and Hamilton Sundstrand), Eaton Corporation, Moog Inc., Triumph Group, Woodward Inc., and Zodiac Aerospace SA.
In the Industrial Segment, Parker Hannifin competes on the basis of product quality and innovation, customer service, manufacturing and distribution capability, and price competitiveness. Parker Hannifin is one of the leaders in most major markets for its key products in the Industrial Segment. While the company's primary global competitors include Bosch Rexroth AG, Danfoss A/S, Donaldson Company, Eaton Corporation, Emerson Climate Technologies, Emerson/ASCO, Festo AG, Freudenberg-NOK, IMI/Norgren, Pall Corporation, SMC Corporation, Swagelok Company, and Trelleborg AB, none of these companies compete with every group and every product line that make up Parker Hannifin's Diversified Industrial segment.
According to Parker Hannifin, its platform utilizing nine core technologies which include aerospace, electromechanical, filtration,
fluid handling, hydraulics, pneumatics, process control, refrigeration, and sealing and shielding is a positive factor in its ability
to compete effectively with both large and small competitors.
For both of its segments, Parker Hannifin believes the following factors also contribute to its ability to compete effectively:
1. Decentralized operating structure that allows each division to focus on its customers and respond quickly at the local level;
2. System solution capabilities that use the company's core technologies from a variety of its segments; and
3. Global presence.
4. Strong global distribution network.
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