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Parker Aerospace : Joint Venture Company ACE Services Expanding Capabilities to Become Center of Excellence for Boeing 747-400 and 747-800 Flight Control Maintenance, Repair, and Overhaul (MRO)

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06/12/2019 | 03:31am EDT

Leading maintenance, repair, and overhaul (MRO) facility in Singapore supports 747 operators in the Asia Pacific region and worldwide with global aftermarket strategy

Parker Aerospace, a business segment of Parker Hannifin Corporation (NYSE:PH), the global leader in motion and control technologies, today announced plans for its Singapore-based joint venture company, Aerospace Component Engineering Services (ACE Services), to become a global center of excellence for the Boeing 747-400 and 747-800 flight controls. Working with the Parker Aerospace Control Systems Division and Customer Support Operations to expand its flight control support capabilities, ACE Services now supports maintenance, repair, and overhaul (MRO) for the 747-400 and plans to fully assume MRO for the 747-800 in the third quarter of 2019.

In 2005 Parker Aerospace partnered with SIA Engineering Company to form ACE Services, a hydraulics repair facility specializing in the repair of aircraft hydromechanical products, including both Parker and non-Parker equipment. The joint venture facility was the first independent hydraulic repair service center in the region capable of providing hydraulic testing services up to 5,000 psi for technologically advanced aircraft such as the Boeing 787 and Airbus A380.

“Since its inception, ACE Services has broadened its expertise to include the repair and overhaul of flight control components to better meet the needs of its international airline and other MRO customers in the Pacific Rim,” said Brian Hunter, general manager of ACE Services. “With the expertise we have gained over years supporting Asia Pacific customers operating 747 aircraft, it is a natural transition to become Parker’s global center of excellence so that customers can benefit from the best-in-class support for which ACES is known.”

Parker Aerospace is the original equipment manufacturer for the flight control systems of the Boeing 747-400 and 747-800 aircraft. While Parker Aerospace ramps up production for OEM flight control components, its Control Systems Division (CSD) will simultaneously begin shifting all of its U.S. repair and overhaul support of Boeing 747 products from its Ogden, Utah, facility to the ACE Services facility in Singapore.

“This planned strategy will enable ACE Services to support major Boeing 747 operators on a more global scale by transforming our world-class repair center into a more comprehensive center of excellence,” commented Vic Jorcyk, Parker Aerospace Customer Support Operations vice president, commercial aftermarket. “Adding this latest level of integration will allow us to combine our expanding technical expertise with complete supply chain management to bring fleet management service to the highest possible level.”

All future Parker-manufactured components for the 747 will now be overhauled and repaired by ACE Services in Singapore. ACE Services currently maintains a large stock of rotable assets to support aircraft on ground (AOG) and exchange services.

To learn more about Parker’s expanded Boeing 747 flight control capabilities at ACE Services, please contact Brian Hunter, general manager, ACE Services at +65 6540 1885 or brian.hunter@parker.com.

The Parker Aerospace stand is in hall 5, stand #C10, at the Paris Air Show, June 17-23, 2019.

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 more than 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 SIA Engineering Company. SIA Engineering Company is a major provider of aircraft maintenance, repair and overhaul services in Asia-Pacific. It provides line maintenance services at 34 airports in seven countries, airframe and component services on some of the most advanced and widely used commercial aircraft in the world, as well as comprehensive suite of solutions under its fleet management services. The 24 subsidiaries and joint ventures with original equipment manufacturers and strategic partners further increase the depth and breadth of its service offerings.

© Business Wire 2019
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Financials ($)
Sales 2019 14 335 M
EBIT 2019 2 124 M
Net income 2019 1 507 M
Debt 2019 3 667 M
Yield 2019 1,87%
P/E ratio 2019 14,57
P/E ratio 2020 13,75
EV / Sales 2019 1,74x
EV / Sales 2020 1,63x
Capitalization 21 236 M
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Technical analysis trends PARKER HANNIFIN
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Income Statement Evolution
Mean consensus HOLD
Number of Analysts 21
Average target price 186 $
Spread / Average Target 12%
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Thomas L. Williams Chairman & Chief Executive Officer
Lee C. Banks President, Chief Operating Officer & Director
Catherine A. Suever CFO, Executive VP-Finance & Administration
Martin Craig Maxwell Chief Technology & Innovation Officer, VP
Dinu Parel Chief Information Officer & Vice President
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