Parker Aerospace Group and Lufthansa Technik Announce Long-Term Agreement for Airbus A350 Component Support and Service

Agreement covers majority of components for the Parker-designed A350 fuel, hydraulic, and fuel tank inerting systems

Parker Aerospace, a business group of Parker Hannifin Corporation, the global leader in motion and control technologies, is announcing an agreement with Lufthansa Technik for long-term collaboration for Airbus A350 component maintenance, repair, and overhaul (MRO) services. The agreement, being announced at MRO Europe 2017, covers the majority of repairable components for the Parker-designed A350 fuel, hydraulic, and fuel tank inerting systems.

The agreement between Lufthansa Technik and Parker Aerospace will encompass the joint development of repair procedures to increase component and systems reliability and reduce related maintenance costs for airline customers worldwide. Airbus and operators benefit from shared best practices and collaborative approaches to continuous improvement in repair performance. The collaboration will help optimize services by focusing on repair development, instead of replacing components, keeping them in flight longer to reduce costs.

Parker is the original equipment manufacturer (OEM) and a global leader in developing and integrating components across many aerospace technologies. Lufthansa Technik is a world leader in MRO with extensive knowledge of airline operations. By combining efforts with a new way of doing business, customers benefit from OEM data combined with powerful MRO insight and repair capabilities.

"Parker´s objective has always been to develop a strong network and provide local solutions for MRO and part availability," said Parker Aerospace Customer Support Operations (CSO) Vice President of Commercial Aftermarket Vic Jorcyk. "By collaborating we will achieve the best cost-savings for customers, optimize reliability, and develop better repairs by combining our competencies."

Lufthansa Technik Vice President Aircraft Component Services Harald Gloy stated, "This agreement enhances Lufthansa Technik´s position as a key MRO provider on A350 components. I am very pleased that we could further extend the long-standing successful relationship between Parker and Lufthansa Technik."

Stock Symbol: PH-NYSE

Parker Aerospace is exhibiting at stand #1047 at MRO Europe, October 3-5, 2017

About Parker Aerospace. Parker Aerospace is a global leader in the research, design, integration, manufacture, certification, and lifetime service of flight control, hydraulic, fuel and inerting, fluid conveyance, thermal management, lubrication, and pneumatic systems and components for aerospace and other high-technology markets. The company supports the world's aircraft and aeroengine manufacturers, providing a century of experience and innovation for commercial and military aircraft.

About Parker Hannifin. Parker Hannifin is a Fortune 250 global leader in motion and control technologies. For 100 years the company has engineered the success of its customers in a wide range of diversified industrial and aerospace markets. Learn more at www.parker.com or @parkerhannifin.

About Lufthansa Technik:

With some 35 subsidiaries and affiliates, the Lufthansa Technik Group is one of the leading providers of technical aircraft services in the world. Certified internationally as maintenance, production and design organization, the company has a workforce of more than 25,000 employees. Lufthansa Technik's portfolio covers the entire range of services for commercial and VIP/special mission aircraft, engines, components and landing gear in the areas of digital fleet support, maintenance, repair, overhaul, modification, completion and conversion as well as the manufacture of innovative cabin products.

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