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Parker Hannifin Acquires Fluid Power Cylinder, Compressed Air Filtration Businesses From CKD - Createc

May 01, 2001

CLEVELAND, May 1 /PRNewswire/ -- Parker Hannifin Corporation (NYSE: PH) today announced that it has completed the acquisition of Miller Fluid Power and Wilkerson Corporation FRL businesses of CKD- Createc, a wholly owned U.S. subsidiary of CKD of Nagoya, Japan. Terms of the stock purchase were not disclosed.

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

Miller Fluid Power manufactures both pneumatic and hydraulic cylinders that provide linear power for machinery to position, compact, elevate, or retract tools, machine components or materials serving a wide range of medical, packaging, paper, machine tool, transport, and material handling applications.

Wilkerson Corporation manufactures a complete line of compressed air treatment and control products including compressed air filters, regulators, and lubricators (FRLs). Products also include electronic proportional valves, regulators, and accessories for a wide variety of industrial, process, and health care applications for global markets.

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 applications. 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 .

Forward-Looking Statements:

Forward-looking statements contained in this and other written and oral reports are made based on known events and circumstances at the time of release, and as such, are subject in the future to unforeseen uncertainties and risks. All statements regarding future performance, events or developments are forward-looking statements. It is possible that the company's future performance may differ materially from current expectations, depending on economic conditions in its markets.

SOURCE Parker Hannifin Corporation

CONTACT: Media, Lorrie Paul Crum, VP - Corp. Communications, 216-896- 2750, or Financial Analysts, Timothy K. Pistell, Treasurer, 216-896-2130, both of Parker Hannifin/

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