Parker Hannifin Corporation (NYSE: PH) began the trading day on the right foot Tuesday. The global leader in motion and control technologies announced it will design and implement advanced control systems for New York Yacht Club American Magic racing yachts and support the challenger’s pursuit of the 37th America’s Cup.
As Official Control Systems Partner to American Magic, Parker will use its proven aerospace and industrial technologies for systems that enable precise control of the yacht’s lifting surfaces and wing - providing optimum performance that is critical at the elite level of competitive sailing.
“Parker is thrilled to support American Magic once again, building on our achievements from the previous campaign and the trusted partnership we have developed together,” said Mark Czaja, Vice President - Chief Technology and Innovation Officer for Parker. “Their elite sailors will helm some of the fastest boats ever built, and we look forward to the challenge of bringing the America’s Cup back in 2024.”
The upcoming America's Cup will feature the AC75 class, a high-performance foiling monohull. With a crew of eight members, the AC75 is renowned for its distinctive engineering and sailing techniques, enabling it to attain early lift and reach remarkably high speeds while foiling. The boat undergoes continuous enhancements, focusing on reduced weight and upgraded onboard electronics and software systems.
PH shares gained $6.74, or 1.5%, to $460.23.
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