Parker Aerospace is gearing up to help equip the next generation of single-aisle Boeing and Airbus jetliners that will replace the current 737 and A320 series.
“Our intent is to have a significant amount of content on those airplanes,” Barry Draskovich, vice president at Irvine-based Parker Aerospace, told the Business Journal on Aug. 1.
Business has been so good at the company’s four local divisions that in the past year it’s increased its headcount in Orange County by 50% to almost 1,900 employees. That headcount makes it the fourth-largest aerospace company in Orange County, after Boeing, Anduril Industries and RTX Corp., according to this year’s Business Journal rankings (see page 15).
Parker Aerospace is a division of Cleveland-based Parker Hannifin (NYSE:PH), which reported Aug. 7 that fiscal 2025 total net sales were little changed compared to the year earlier, while the Aerospace Systems segment sales rose 13% to $6.2 billion. Aerospace increased its backlog to a record $7.4 billion.
Following the results, Parker Hannifin shares rose 3.4% to $720.73 apiece for a market cap of $92.1 billion.
Defense systems/Components
The sprawling aerospace company makes almost everything from defense systems/ components to fuel systems, providing key parts for both civilian and military helicopters and airplanes.
Its customers include Lockheed Martin, RTX (formerly Raytheon), General Dynamics and Safran in addition to Boeing and Airbus.
The Paris Air Show in June was filled with anticipation around the next single-aisle aircraft from Boeing and European plane maker Airbus.
One main reason: “These will be replacements for the 737 and A320.”
“We’ve launched a big initiative internally to get ourselves ready for that next-generation single-aisle,” according to Draskovich. “We know it’s several years away, but we’re planting the seeds right now internally.”
Parker Aerospace wants a lot of its manufactured parts on board to guarantee safe flying. Those include fuel systems, hydraulic systems, sensors and “inerting” systems that inject oxygen-depleted air into the fuel tanks as they empty to prevent an
explosion.
Aligned with Next Gen
The company has also been getting the word out to potential customers for the next-generation single-planes and other aerospace developments.
Draskovich is vice president of program and contract management and a high-ranking locally based Parker Aerospace executive.
“We want to make sure that our products are at an appropriate technology readiness level to be ready to be proposed into those new platforms when they come out,” according to Draskovich.
Four Divisions Locally
Parker Aerospace counts four divisions in Orange County.
Three are “OEM” (original equipment manufacturer) divisions: military flight controls, defense systems and fluid systems.
The fourth division, an after-market unit, provides product support and services.
Draskovich says business is booming across all four divisions.
“We’ve got a very healthy backlog now,” said Draskovich. “The demand for our products is increasing and we are working to add capacity to meet that demand.”
“We’ve had a broad-based increase across the board from business jets to regional aircraft to the large commercial airliners.”
The aerospace industry has been very healthy and accelerating over the last year, according to the Parker local VP.
Parker had fully integrated UK aerospace giant Meggitt PLC, which it acquired in 2022, by the end of last year. That provided a large expansion in Parker’s OC operations.
Parker specializes in a wide array of aircraft research, design and manufacturing that also includes ducting, exhaust air management, pneumatic issues and lubrication.
