Parker Acquires Advanced Products Company

Dec 01, 2004, 00:00 ET from Parker Hannifin Corporation

    CLEVELAND, Dec. 1 /PRNewswire-FirstCall/ -- Parker Hannifin (NYSE:   PH)
 today announced it has acquired Advanced Products Company, a privately held
 manufacturer of metallic and polymer spring energized seals, in a cash for
 stock transaction.  Terms of the deal were not disclosed.  Advanced Products
 will be integrated with Parker's Seal Group, which provides sealing materials
 to a broad range of motion and control markets worldwide.
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     With operations in North Haven, CT, and Boom, Belgium, Advanced Products
 employs 150 people worldwide and has annual sales of approximately $20
 million.  The Company provides sealing solutions for a variety of applications
 including gas turbines, oil and gas exploration equipment, aerospace and
 submarine vehicles, diesel engines and turbocharger systems.
     "We have enjoyed being a customer of Advanced Products for seals formerly
 not available in our product line," said Heinz Droxner, President of the
 Parker Seal Group. "Now we look forward to the opportunities presented by
 combining their leading technologies, particularly in high temperature
 resilient metallic seals, with our global marketing and distribution
     Advanced Products' President and CEO Nancy Nicholson said, "When we made
 the decision to sell the company, clearly, Parker was the acquirer of choice.
 There are some very strong synergies between Parker and Advanced and we're
 confident the combination will greatly benefit both companies' employees and
     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 , or its
 investor information site at .
     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; the company's ability to manage
 costs related to employee retirement and health care benefits and insurance;
 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