CLEVELAND, April 23 /PRNewswire-FirstCall/ -- Parker Hannifin
Corporation (NYSE: PH), the world leader in motion and control
technologies, today announced that the Audit Committee of its Board of
Directors has appointed Deloitte & Touche as Parker's independent
registered public accounting firm for the company's fiscal year beginning
July 1, 2007. Parker's current independent registered public accounting
firm, PricewaterhouseCoopers LLP, will complete its services related to the
audit of Parker's consolidated financial statements for the current fiscal
year which ends June 30, 2007.
Parker's Board emphasized that the change was not the result of any
disagreement between Parker and PricewaterhouseCoopers on any matter of
accounting principles or practices, financial statement disclosure or
auditing scope or procedure. "The Board's decision to make this change
comes only after a rigorous 8-month process to determine the best
combination of value, quality, reach, process and customer service for
Parker going forward," said Timothy K. Pistell, Parker Executive Vice
President, Finance & Administration & Chief Financial Officer.
"PricewaterhouseCoopers has served Parker and its shareholders admirably
for many years, and adapted well to the continual, global growth of our
company. We sincerely thank the many individuals within the firm that have
provided Parker with their guidance and expertise over that time. Their
consistent level of professionalism gives us comfort that the upcoming
transition period will be a smooth and orderly one." Parker expects to
continue a business relationship with PricewaterhouseCoopers on certain
non-audit related finance and accounting activities.
With annual sales exceeding $9 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 50 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 document and other written reports and oral statements 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 Company's future
performance and earnings projections of the Company may differ materially
from current expectations, depending on economic conditions within both its
industrial and aerospace markets, and the Company's ability to achieve and
maintain anticipated benefits associated with announced realignment
activities, strategic initiatives to improve operating margins and growth
and innovation initiatives. A change in economic conditions in individual
markets may have a particularly volatile effect on segment performance.
Among 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 insurance and employee retirement and health care
benefits, and global economic factors, including manufacturing activity,
air travel trends, currency exchange rates, difficulties entering new
markets and general economic conditions such as interest rates. The Company
undertakes no obligation to update or publicly revise these forward-looking
statements to reflect events or circumstances that arise after the date of
this news release.
SOURCE Parker Hannifin Corporation
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Related links:
http://www.phstock.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 for Parker Hannifin
Corporation
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