CLEVELAND, May 19 /PRNewswire-FirstCall/ -- Parker Hannifin Corporation
(NYSE: PH), the global leader in motion and control technologies, today
announced the issuance of Medium Term Notes totaling $775 million, in a mix
of ten and thirty year maturities. Each of the three primary debt rating
agencies -- Fitch Ratings, Moody's Investors Services, and Standard &
Poor's - - have confirmed that Parker's existing strong investment grade
ratings apply to these securities. Proceeds will be used to repay
outstanding commercial paper borrowings.
(Logo: http://www.newscom.com/cgi-bin/prnh/19990816/PHLOGO )
"We are very pleased with the strong level of demand for these Medium
Term Notes," said Timothy K. Pistell, Parker Executive Vice President --
Finance and Administration and Chief Financial Officer. "Our ability to
efficiently raise this level of capital at historically attractive interest
rates is further confirmation of the investment community's understanding
of the value of the Win Strategy and longer term growth opportunity for the
company. The refinancing achieved through the issuance of these notes and
the use of proceeds further strengthens our capital structure and positions
us well for continued profitable growth."
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 52 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:
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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