Finding the max with a criteria

[Lingg]

In a table 1 column are dates and another are machine parts. The dates are when that machine part broke last and a lot of the machine parts are repeated.
Something like this

Column 1......Column 2
11/19/2010 ..Part 1
4/13/2010.....Part 1
9/13/2010.....Part 3
1/20/2010.....Part 2
10/11/2008...Part 2
2/1/2011.......Part 3

I'd like to find the last date the part broke. so the newest date. It would be nice if excel had a =maxifs() button. Any help would be great. Can this be done without using a sub?

 

[barry houdini]

You can use an "array formula", e.g. something like this

=MAX(IF(B2:B100="Part 1",A2:A100))

confirmed with CTRL+SHIFT+ENTER