Rauch was a name well known in the Lehigh University community. The Philip Rauch Field House and the Rauch Business Center are the results of Rauch's philanthropy to Lehigh University. A member of Lehigh's Class of 1933, Philip Rauch studied business administration, was a member of Phi Delta Theta fraternity, and earned his varsity letters in both football and wrestling--receiving the Lewis Cup for most outstanding wrestler during his freshman year.
An enthusiastic fan, Rauch credited his wrestling experience for his professional success. Wrestling probably did more for me than anything else at Lehigh, he said. You put two men of equal size on a mat, you go at it, and may the better man win. It makes you a real competitor and builds confidence.”
Rauch, retired chairman of the board of the Parker-Hannifin Corporation, a Fortune 500 Company in Cleveland, Ohio, established a scholarship in 1991 to attract talented wrestlers to Lehigh and to demonstrate a great affinity for both the sport and the institution. Rauch also established a center in business communications since he believed that the ability to communicate orally and in writing essential for business executives. Rauch was elected into the Lehigh Athletic Hall of Fame and the National Wrestling Hall of Fame as an outstanding American. He has also been awarded the L-in-Life Award by the Lehigh Club of New York and the Alumni Award. In 1979, he was granted an honorary degree from the university.
Prior to his position on the board of the Packer Hannifin Corporation, Rauch built a small family enterprise, the Ideal Clamp Manufacturing Company, into a diversified business. In 1972, Ideal Corporation merged with Parker Hannifin a large public corporation. He passed away in November 2006.