Tuesday, June 28, 2005
Michael Shore, MEDC
Grant Will Boost Skills of 900 Manufacturing Employees
"Our manufacturing prowess is a tremendous advantage for companies like Parker Hannifin competing in the global economy," Granholm said. "This training will continue to provide the company with a talented pool of men and women to ensure its future growth and success."
In her 2005 State of the State address, Governor Granholm emphasized the need to make Michigan a global economic powerhouse in the 21st century. Strengthening Michigan's workforce is part of that plan, with job training one of the tools used to enhance Michigan's business-friendly climate.
Under the terms of the award, the Upjohn Institute for Employment Research will be the grant administrator with Parker Hannifin providing a minimum 25 percent funding match.
"Developing empowered and productive employees is a cornerstone of Parker Hannifin's strategy to remain a globally competitive world-class motion and control company," Parker's Instrumentation Group President Roger Sherrard said. "We greatly appreciate this support from the state."
With annual sales approaching $8 billion, 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 commercial, mobile, industrial and aerospace markets.
The company employs more than 48,000 people in 46 countries around the world and has increased its annual dividends paid to shareholders for 49 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 www.parker.com, or its investor information site at www.phstock.com.
Since 1994, more than $260 million in EDJT grants have helped over half a million Michigan workers improve their skills and enhance the competitiveness of their employers.
"EDJT funding helps provide the highly skilled and well-trained workers necessary to attract and keep businesses here," MEDC President and CEO Don Jakeway said. "This investment in Michigan's workforce will provide huge returns for the company and the state."
The Michigan Economic Development Corporation, a partnership between the state and local communities, promotes smart economic growth by developing strategies and providing services to create and retain good jobs and a high quality of life.