CLEVELAND, March 20 /PRNewswire-FirstCall/ -- Parker Hannifin
Corporation (NYSE: PH), the global leader in motion and control
technologies, has successfully increased its syndicated credit facility by
nearly 50 percent over previous levels to $1.5 billion. The credit
facility, with a total of 18 lenders around the world, provides the company
with an important strategic enhancement to its capital structure to support
continued growth. The increased credit availability allows Parker to
increase its U.S. commercial paper program, the ratings of which have been
reaffirmed at A1 / P1 / F1.
(Logo: http://www.newscom.com/cgi-bin/prnh/19990816/PHLOGO )
"This is a terrific treasury achievement, in any case," Tim Pistell,
Executive Vice President - Finance and Administration and Chief Financial
Officer said, "but against the backdrop of today's tight credit markets I
think it signals our creditors' trust in the ability of our nearly 60,000
employees to deliver on the profitable growth and financial performance
measures of our Win strategy.
"The availability of back-up credit from respected lenders around the
world enables Parker to finance acquisitions as well as internal expansion
and product development. This is a record level of credit availability for
Parker that will make it easier for us to pursue the many opportunities for
growth within our market space. That we can achieve this level of
creditworthiness in the present global economy is a tribute to the depth
and strength of our relationships with our global network of lenders that
is built on their trust in our business model."
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 .
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 maintain and achieve
anticipated benefits associated with announced realignment activities,
strategic initiatives to improve operating margins, and growth, innovation
and global diversification 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 or
significant changes in financial condition; 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
manufacturing activity, air travel trends, currency exchange rates,
difficulties entering new markets and general economic conditions such as
inflation, interest rates and credit availability. The company makes these
statements as of the date of this disclosure, and undertakes no obligation
to update them.
SOURCE Parker Hannifin Corporation
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Related links:
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
of 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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