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Parker Hannifin Makes Equity Investment in Vectrix Corporation; Engineers System Solution for Vectrix Electric Scooter

November 04, 2004

CLEVELAND, Nov. 4 /PRNewswire-FirstCall/ -- Parker Hannifin Corporation (NYSE: PH) today announced it is making an equity investment in Vectrix Corporation, a leading-edge zero-emission vehicle company that manufactures high-performance electric scooters. Parker's investment will help Vectrix to begin production of the world's first full-size, high-performance, long-range, low-emission electric scooter. Financial terms were not disclosed.

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

Parker has worked closely with Vectrix over the past two years to develop the Vectrix battery-powered electric scooter, which offers urban commuters a clean, quiet, and comparably priced alternative to gasoline-powered motor scooters. Demand for the Vectrix scooter is expected to be strong as urban centers around the globe strive to reduce air and noise pollution, traffic congestion and fossil fuel consumption.

"With engineering resources from 12 Parker divisions supporting the Vectrix scooter project, this truly is a premier example of Parker's systems capabilities," said Parker Automation Group President Bob Bond.

Parker and Vectrix recently unveiled the second generation of the scooter, which integrates a fuel cell system with the battery-powered electric scooter. The fuel cell / electric hybrid scooter, known as the VX-FCe, is expected to be launched in major cities throughout Europe and the United States in the next two to three years, making it the first commercially viable fuel cell powered vehicle.

"As part of our Win Strategy, we said we would invest in innovative technologies and growth markets. Fuel cell technology offers much promise for the future and the hybrid scooter demonstrates Parker's ability to provide customers with integrated system solutions," said Parker's Craig Maxwell, vice president, technology and innovation.

Vectrix Corporation was formed in 1996 to develop and commercialize zero emission vehicle platform technologies focused on two-wheel applications. With a single focus to provide clean, efficient, reliable, and affordable inner-city executive transportation, Vectrix is leading an urban transportation revolution. For more information, visit http://www.vectrixusa.com .

With annual sales of more than $7 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 46 countries around the world. Parker has increased its annual dividends paid to shareholders for 48 consecutive years, among the top five longest-running dividend-increase records in the S&P 500 index. For more information, visit the company's web site at http://www.parker.com , or its investor information site at http://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, earnings projections, events or developments are forward-looking statements. It is possible that the future performance and earnings projections of the company and individual segments 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 initiatives. A change in economic conditions in individual markets may have a particularly volatile effect on segment results. Among the 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; 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 pricing; increases in raw-material costs that cannot be recovered in product pricing; and global economic factors, including currency exchange rates, difficulties entering new markets and general economic conditions such as inflation and interest rates. The company makes these statements as of the date of this disclosure, and undertakes no obligation to update them.

SOURCE Parker Hannifin Corporation

CONTACT: Media, Jennifer Eaton - Corp. Communications, +1-216-896-2895, or jeaton@parker.com , or Financial Analysts, Pamela Huggins, Vice President - Treasurer, +1-216-896-2240, or phuggins@parker.com , both of Parker Hannifin Corporation

Web site: http://www.phstock.com

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