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Parker Buys Eaton's Commercial and Residential Air Conditioning and Refrigeration Business

September 04, 2001

CLEVELAND, Sep 4, 2001 /PRNewswire/ -- Diversified industrial manufacturers Parker Hannifin (NYSE: PH) and Eaton Corporation (NYSE: ETN) today jointly announced that Parker has completed the purchase of Eaton's Aeroquip Air Conditioning and Refrigeration (AC&R) business for an undisclosed amount, effective August 31, 2001.

(Photo: http://www.newscom.com/cgi-bin/prnh/19990816/PHLOGO )

With about $75 million in annual revenues, more than 600 employees and a facility in New Haven, Indiana, the AC&R unit produces mechanical controls and fluid systems for the residential and commercial air conditioning and refrigeration markets. Parker plans to operate the unit as a new division of its Climate and Industrial Controls business, with a focus on growth.

"This business is a perfect addition to our air conditioning and refrigeration line, and we're very pleased to welcome its talented people to Parker," said Lynn Cortright, president of Parker's Climate and Industrial Controls Group. "In strategy and in the products themselves, this is a classic bolt-on situation, so we'll be able to offer our customers the most complete line of products and integrated systems engineered for the best possible performance."

Eaton said it made the decision to sell the AC&R business because it does not fit the company's long-term strategic objectives. The business became a part of Eaton when the company acquired Aeroquip-Vickers, Inc. in 1999. Eaton will retain exclusive rights to the Aeroquip brand name.

As a core business for Parker, the products and assembly technology brought by AC&R fill out Parker's total systems capability to include everything from accumulators and dryers, to receivers and regulators, and all types of valves, couplings, and controls for residential and commercial markets. Its products will be expanded into global markets under the Parker brand.

With annual sales of $6 billion, Parker Hannifin is the world's leading diversified manufacturer of motion and control technologies and systems, providing precision-engineered solutions for a wide variety of commercial, mobile, industrial and aerospace markets. The company employs more than 45,000 people in 46 countries around the world. For more information, visit the company's web site at www.parker.com , or its investor information site at www.phstock.com .

Eaton Corporation is a global $8 billion diversified industrial manufacturer that is a leader in fluid power systems; electrical power quality, distribution and control; automotive engine air management and fuel economy; and intelligent truck systems for fuel economy and safety. Eaton has 54,000 employees and sells products in more than 50 countries. For more information, visit www.eaton.com .

SOURCE Parker Hannifin Corporation

CONTACT: Media, Lorrie Paul Crum of Parker Hannifin Corporation, +1-216-896-2750, or lcrum@parker.com, or Renald M. Romain of Eaton Corporation, +1-216-523-4736, or rennyromain@eaton.com; or Financial Analysts, Timothy K. Pistell of Parker Hannifin Corporation, +1-216-896-2130, or tpistell@parker.com

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