CLEVELAND, March 19 /PRNewswire-FirstCall/ -- Parker Hannifin
Corporation (NYSE: PH), the global leader in motion and control
technologies, today filed a petition with the U.S. Department of Commerce
and the International Trade Commission alleging unfair competition from the
dumping of valves used in air conditioning systems by two manufacturers in
China.
(Logo: http://www.newscom.com/cgi-bin/prnh/19990816/PHLOGO )
Specifically, the petition alleges that Sanhua group and DunAn group
have and continue to sell front-seating service valves for residential air
conditioners into the U.S. market at prices below their cost of production
in China, an illegal trade practice commonly referred to as "dumping."
Parker is petitioning for dumping penalties which will help to restore fair
trade in the U.S. market.
By taking this action, Parker has taken a stand against this illegal,
detrimental, and unfair practice that has led to lost jobs in the U.S.
Parker, which maintains operations in 43 countries, supports trade
between nations and welcomes every opportunity to compete fairly for
customers around the world.
With annual sales exceeding $10 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. Parker has
increased its annual dividends paid to shareholders for 51 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 .
SOURCE Parker Hannifin Corporation
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Related links:
http://www.parker.com
http://www.phstock.com
Photo Notes:
NewsCom: http://www.newscom.com/cgi-bin/prnh/19990816/PHLOGO
AP Archive: http://photoarchive.ap.org
PRN Photo Desk, photodesk@prnewswire.com
CONTACT:
Media, Christopher M. Farage, Vice President,
Corp. Communications, +1-216-896-2750, cfarage@parker.com, or
Financial Analysts, Pamela Huggins, Vice President & Treasurer,
+1-216-896-2240, phuggins@parker.com, both of Parker Hannifin
Corporation
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