CLEVELAND, Jan. 30 /PRNewswire-FirstCall/ -- The Board of Directors of Parker Hannifin Corporation (NYSE: PH) today increased the company's regular quarterly cash dividend to $.19 from $.18 per share of common stock and declared a dividend payable March 7, 2003 to shareholders of record February 20, 2003.

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

This is Parker's 211th consecutive quarterly dividend and comprises a distribution of approximately $22 million.

With annual sales exceeding $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 48,000 people in 44 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 . SOURCE Parker Hannifin Corporation

01/30/2003

CONTACT: Media: Lorrie Paul Crum, VP - Corp. Communications, +1-216-896-2750, or After hours, +1-330-666-4196, or email, lcrum@parker.com, or Financial Analysts: Timothy K. Pistell, Vice President - Treasurer, +1-216-896-2130, or email, tpistell@parker.com, both of Parker Hannifin Corporation