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Parker Hannifin Declares Quarterly Cash Dividend

October 25, 2006

CLEVELAND, Oct. 25 /PRNewswire-FirstCall/ -- The Board of Directors of Parker Hannifin Corporation (NYSE: PH) today declared a regular quarterly cash dividend of 26 cents per share of common stock, payable December 1, 2006, to shareholders of record as of November 16, 2006.

This is Parker's 226th consecutive quarterly dividend and comprises a distribution of approximately $31 million. Parker has increased its annual dividends paid to shareholders for 50 consecutive years, among the top five longest-running dividend-increase records in the S&P 500 index.

With annual sales exceeding $9 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 57,000 people in 43 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 document and other written reports and oral statements 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, earnings projections, events or developments are forward-looking statements. It is possible that the Company's future performance and earnings projections of the Company may differ materially from current expectations, depending on economic conditions within both its industrial and aerospace markets, and the Company's ability to achieve anticipated benefits associated with announced realignment activities, strategic initiatives to improve operating margins and growth and innovation initiatives. A change in economic conditions in individual markets may have a particularly volatile effect on segment performance. Among other factors which may affect future performance are:

     - changes in business relationships with and purchases by or from major
       customers or suppliers, including delays or cancellations in shipments,
       or significant changes in financial condition,
     - uncertainties surrounding timing, successful completion or integration
       of acquisitions,
     - threats associated with and efforts to combat terrorism,
     - competitive market conditions and resulting effects on sales and
     - increases in raw material costs that cannot be recovered in product
     - the Company's ability to manage costs related to insurance and employee
       retirement and health care benefits, and
     - global economic factors, including manufacturing activity, air travel
       trends, currency exchange rates, difficulties entering new markets and
       general economic conditions such as interest rates.

The Company undertakes no obligation to update or publicly revise these forward-looking statements to reflect events or circumstances that arise after the date of this Report.

SOURCE  Parker Hannifin Corporation
CONTACT:  Media, Christopher M. Farage, Vice President, Corp.
Communications, +1-216-896-2750, or cfarage@parker.com, or Financial Analysts,
Pamela Huggins, Vice President, Treasurer,  +1-216-896-2240, or
phuggins@parker.com, both of Parker Hannifin Corporation

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