Parker Hannifin Acquires Full Ownership of Korean Joint Ventures; HS Parker and HSPACC.

CLEVELAND--(BUSINESS WIRE)--March 20, 1998--Parker Hannifin Corporation today announced that it has agreed to acquire full ownership of two joint ventures located in Korea; HS Parker Company Ltd., in Yangsan, and the HS Parker Air-Conditioning Components Company Ltd., in Chonan. The transaction will close on March 26, 1998.

Both the HS Parker Co., Ltd., and HS Parker Air-Conditioning Co., Ltd., were joint-venture companies formed in 1986 and 1989 respectively, by Parker with HS Chemical Co. Ltd., a company of HS Group, Pusa, Korea.

HS Parker manufactures hydraulic hose, fittings and hose assemblies used in the mobile, construction, and machine equipment markets, with annual sales of W37,000,000,000 ($25 million) and 300 employees.

HS Parker Air-Conditioning Components designs and produces hose assemblies for automotive air-conditioning systems and also produces accumulators for commercial and residential air-conditioning units. HSPACC has annual sales of W14,000,000,000 ($9.5 million) and 140 employees.

According to Parker Asia Pacific Group President Joseph J. Vicic, "These acquisitions are a part of Parker's strategic plan to improve customer service levels and increase sales and market share throughout the Asia Pacific Region as well as providing increased global support to the users of our products."

Parker Hannifin is a worldwide leader in the production of motion and control components and systems for hundreds of industrial and aerospace markets, with sales over $4 billion. For more information about Parker, visit the Parker Web site at www.parker.com.

CONTACT: Parker Hannifin Corporation

Media - R.G. Charlton, 216/896-2750

- D.E. Logan, 216/896-2752

Analysts - T.K. Pistell, 216/896-2130