Okay, good morning, everyone. The 2019 annual meeting of shareholders of the Parker-Hannifin Corporation will please come to order. I'd like to welcome all of our shareholders that are here in person, as well as those joining via the webcast. I am Tom Williams, chairman of the board and chief executive officer of the company, and I will be presiding at this meeting. Sitting with me is Joe Leonti, vice president, general counsel, and secretary of the company, who will act as secretary of this meeting. First, I'd like to introduce our director nominees and other company representatives who are present at today's meeting. The 11 nominees for election as our directors are Lee Banks, president and chief operating officer, and Bob Bohn, Linda Harty, Kevin Lobo, Candy Obourn, Joe Scaminace, Åke Svensson, Laura Thompson, James Verrier, Jim Wainscott, and myself.
Along with Lee, Joe, and myself, our other company executives present today are Kathy Suever, Executive Vice President, Finance and Administration, and Chief Financial Officer. Mark Hart, Executive Vice President, Human Resources and External Affairs. Skip Bowman, Vice President and President of the Instrumentation Group. Robin Davenport, Vice President, Corporate Finance. Tom Gentile, Vice President, Global Supply Chain. Todd Leombruno, Vice President and Controller. Candido Lima, President, Latin America Group. Rob Malone, Vice President and President of Filtration Group. Craig Maxwell, Vice President and Chief Technology and Innovation Officer. Tanuja Parekh, Vice President and Chief Information Officer. Jenny Parmentier, Vice President and President of the Motion Systems Group. Andy Ross, Vice President and President of Fluid Connectors Group. Roger Sherrard, Vice President and President of Aerospace Group. Michael Wee, President, Asia Pacific Group, and Andy Weeks, Vice President and President, Engineering Materials Group.
In addition to our board and executive team, Sam Bavely, a representative of Corporate Election Services, is present and has been appointed to act as inspector of election for this meeting. Bill Snyder, a representative from Deloitte & Touche LLP, our independent registered public accounting firm, is also present. Bill will be available to answer appropriate questions concerning the company's financial statements during the question and answer period following the meeting. That concludes the list of our director nominees and other company representatives that are here in person. Before we move on to our voting matters, I'd first like to turn it over to Joe to cover a few procedural items.
Okay. Thank you, Tom. Good morning, everyone. For those of you here in person, you were provided with an agenda and a list of the rules of conduct for this annual meeting. To ensure that we have an orderly meeting, we ask that you please abide by those rules of conduct. Second, concerning the order of this morning's events, we will conduct the annual meeting first. After we adjourn, Tom will make a few closing comments and a few announcements on upcoming matters of shareholder interest. That'll be followed by a brief question and answer period. Third, please note that in my capacity as secretary, I've delivered and present the following in connection with the annual meeting. I have the minutes of our last annual meeting of shareholders, which was held here in our corporate headquarters on October 24th, 2018.
I've got the financial statements of the company for the fiscal year ended June 30th, 2019, that was certified by Deloitte & Touche LLP. An affidavit of mailing establishing that notice of this annual meeting was duly given. A list of our shareholders of record as of August 30th, 2019, certified by our transfer agent, Equiniti Trust Company. Each of these items will be referenced and incorporated into the minutes of the meeting. All shareholders of record as of the close of business on August 30th, 2019, are entitled to vote here at the meeting. All persons that are holding proxies are requested to give their proxies to Mr. Bavely as our Inspector of Election.
Any shareholder who is present who wishes to vote in person on any matter to come before this meeting and who has not already advised Mr. Bavely and received their voting ballots and instructions, please see him now. Okay, no one. How many shares are present, Mr. Bavely?
There are present in person or by proxy at this meeting at least 114,853,722 shares of common stock, a quorum for the transaction of business representing over 89% of the shares issued and outstanding.
Thank you. At this time, we'll move on to our voting matters. I'll turn it back over to Tom as Chairman.
Thank you, Joe. The first proposal to be voted on is the election of directors to serve for terms expiring at the annual meeting of shareholders in 2020. Our board has nominated for election the following 11 persons as directors of the company: Lee C. Banks, Robert G. Bohn, Linda S. Harty, Kevin A. Lobo, Candy M. Obourn, Joseph Scaminace, Åke Svensson, Laura K. Thompson, James R. Verrier, James L. Wainscott, and myself, Thomas L. Williams. The second proposal to be voted on is the ratification of the appointment of Deloitte & Touche LLP as our independent registered public accounting firm for the fiscal year ending June 30, 2020. Our board recommends in favor of such ratification. The third proposal to be voted on is the approval on a non-binding advisory basis of the compensation of our named executive officers. Our board of directors recommends in favor of such approval.
The fourth proposal to be voted on is the approval of the Parker-Hannifin Corporation amended and restated 2016 Omnibus Stock Incentive Plan. Our board of directors recommends in favor of such proposal. The fifth proposal is a shareholder proposal to adopt a policy that the chairman of the board be an independent member of the board of directors, which at the board's discretion, can be phased in at the next CEO transition. I understand that neither the shareholder proponent nor any of his designated representatives are present here today to present his proposal. Is that correct? In accordance with SEC rules and our amended and restated regulations, the proposal will not be presented at this meeting. Are there any questions or discussion on the proposal before we vote? If that concludes, the items will be voted on today.
The inspector of election will now collect any outstanding ballots or proxy cards. Okay, the votes are now in, and I declare the polls closed. Joe, please go ahead and review the preliminary voting results.
Sure. Thank you, Tom. Based on the preliminary results of the vote, each of our director nominees has been elected. The appointment of Deloitte & Touche LLP as our independent registered public accounting firm for fiscal year 2020 has been ratified. The compensation of our named executive officers has been approved on a non-binding advisory basis, and the Parker-Hannifin Corporation amended restated 2016 Omnibus Stock Incentive Plan has been approved. Please note that any ballots collected before the polls closed and not reflected in this preliminary report will be reflected in the final report of our Inspector of Election. The final voting results will ultimately be available and disclosed in a Form 8-K that we'll file with the U.S. Securities and Exchange Commission after the votes have been certified by our Inspector of Election.
Thank you, Joe. Is there any further business to come before the annual meeting? Okay, if not, the annual meeting is now adjourned. I'd like to make a few closing comments and announcements, and I'm going to do this just from here and kind of talk about a couple items. First, I want to start it with, if I had to make, especially for our shareholders that are here in person or that are listening, what are the reasons why you'd want to invest in Parker? What are those competitive differentiating advantages that we have as a shareholder and those advantages that you would have if you're a customer of ours? I have a list of items that really makes us stand out in a crowd. The first is the Win Strategy, and that really is the business system of the company.
It's a proven track record operating system for almost two decades now. We have a decentralized business model, which married up with our centralized Win Strategy, really, I think is the best of both worlds. That decentralized business model creates a closeness to the customer and a closeness to the P&L that allows us to drive performance. We have a breadth of technologies and interconnectivity of those technologies. We have eight motion control technologies. I think one of the telling features of those eight technologies is that 60% of our revenue comes from customers that buy from four or more of those technologies. Our customers see the value of this integrated, interconnected technology offering that creates value for them, drives productivity and profitability for our customers. That's unique to anybody else in our space. We have a clear competitive advantage with that breadth of technologies.
When you look at what we ship, about 85% of what we ship is an engineered type of product, meaning it has some kind of intellectual property tied to trade secret processes, tooling, manufacturing, and patents, et cetera. We have product life cycles that are decades long, which is fantastic as far as when you think about first fit and aftermarket. We are balanced between OEM and aftermarket with about a 50/50 blend and with the best distribution channel in the world that covers and supports the motion control space. Due to our lean efforts over the last almost 20 years, we have very low capital investment requirements to drive that kind of organic growth, which gives us a clear advantage of being able to generate cash better than the average company and deploy that very effectively on behalf of our shareholders.
The other thing I wanted to mention is that I'm very excited that we are announcing changes to the Win Strategy. If you're a shareholder, hopefully, you got this in your annual report. We announced Win Strategy 3.0, this is the third revision to Win Strategy over the last 18 years. We also launched the purpose statement of the company, which is enabling engineering breakthroughs that lead to a better tomorrow. Those are highlighted for you in the letter to the shareholders, as well as there was a Leading with Purpose book that came to you as well, if you're a shareholder. We are especially looking forward to Investor Relations Day, which obviously anybody's allowed to dial into the webcast for that.
We're going to be using during that IR day, the centerpiece will be Win Strategy 3.0 and our purpose statement of what that means to you currently and what it'll mean to you in the future as far as where the company's going. Lastly, I just would like to thank all of our team members that are listening around the world. We had an absolutely fantastic 2019. I'm going to give you just some quick highlights. We had all-time record in sales, operating margin, EPS, and operating cash flow. We hit 17.0% segment operating cash flow for the first time in the history of the company. That was a really important milestone for us.
A lot of people, when we announced that target almost five years ago, didn't think we could do it, and we beat it by a full year, and we're very proud of the fact that we did that, and we feel very confident there's a lot more of that to come. We generated a record $1.7 billion in operating cash flow. When you look at it from a cash flow yield, it was 12.1% CFOA, % of sales. We increased the annual dividend by 13%. We repurchased $800 million of shares in the last fiscal year. We are very happy to announce two fantastic acquisitions, LORD Corporation and Exotic Metals. Exotic Metals is closed, and LORD Corporation is very close to closing.
Both of these properties, strategic additions to Engineering Materials as well as Aerospace, and will be accretive to us from a growth standpoint, accretive on margins, and accretive on EPS. Just finally, I want to remind everybody that we're going to have an earnings call next Thursday, October 31st, where we'll give everybody an update on the latest and greatest, and we look forward to that discussion. At this point, I'll ask if there's any questions from the floor. Happy to have a brief Q&A if there is. Yes, sir.
I have one. I'll make it.
Sure, please.
Very good. My name is Bill Wittgenstein. I'm from Erie, Pennsylvania. I graduated from John Carroll University in 1964, so that makes me about 86 years old. I am here because I do have one share of Berkshire Hathaway. I knew it was quite the as many in attendance to talk with you. I thought there was a possibility of some troublemaker commenting on LORD Corporation. My relationship with LORD Corporation goes back 45 years. We're privileged to work with certain industries worldwide. My business is insurance. I contacted a friend, [Dick Carney], who was the assistant treasurer at LORD Corporation, and asked him if I could take a look at his insurance contract. Well, insurance contracts are lots of words, but someone who works with it immediately popped out. There was an exclusion for aircraft product coverage. This was 45 years ago.
We went to New York City, [Dick Carney] and myself, went from insurance company to insurance company, deciding that if we have a loss, it's going to be a big loss because it's for an aviation product. We went to USAIG, United States Aircraft Insurance Group, which is kind of made up of a bunch of insurance companies that wanted to consolidate the aircraft exposure, concluded that that's where we wanted to be because we wanted claims to be handled in the United States, we knew that it would end up being a worldwide placement. We went to Lloyd's of London, [Dick] took along a part that LORD Corporation made. It was a cone-shaped device about 12 inches in diameter, it was concave layers of steel and rubber in between it, that is LORD Corporation's specialty, rubber to metal, bonding metal.
This part took the place of 122 parts in the assembly of the rotor blade. One part instead of 122. As when it wears, helicopters are in sandy conditions. The rubber starts to work its way out, you know the product is reaching its end of life. What happens is you can't over-replace it. You can't replace it at that time, that would be money as well. The metal is then bonded to the metal group underneath, the rubber is gone. You've got a very noisy and very vibration-y helicopter more than ever. The helicopter doesn't come down. Uncle Sam is interested in an engineered product. You recognized, your team recognized what you have in LORD Corporation, just an outstanding wealth, ethically and morally high grade good people. Congratulations.
I thought possibly someone saying that as they were checking us might help just a little bit. Thank you very much.
Perfect.
Bill, we appreciate your comment and the history. We feel the same way. I couldn't have said it any better, and we think it's going to be a great fit. You describe what is unique about LORD, their people, their culture, and then of course, their technology offering, what they do for customers. Thank you for those comments. Any other comments that people have? Okay. On behalf of the board of directors and all of our team members around the world, thank you for attending and participating today, and thanks for your support for Parker. Thanks. Take care.