Parker and Sporlan Confirm Possible Combination Pending Reviews

Cleveland, OH (August 4, 2004) -- Parker Hannifin Corporation and Sporlan Valve Company today confirmed they have signed an agreement paving the way for a strategic, complementary business combination, pending satisfaction of customary conditions, including regulatory reviews. The agreement provides for Sporlan to become a division of Parker's Climate & Industrial Controls unit with a strategy to grow the business globally. Further details about the combination will be provided upon completion of the transaction.