Parker Completes Sale of Automotive Air Conditioning Business to ContiTech AG of Germany

CLEVELAND--Oct. 8, 2012: Parker Hannifin Corporation , the global leader in motion and control technologies, today announced that it has completed its previously announced transaction to sell the automotive air conditioning portion of its Mobile Climate Systems Division to ContiTech AG of Hanover, Germany.  Terms of the transaction were not disclosed.

The automotive air conditioning business manufactures hose and tube assemblies, accumulators, receiver dryers and oil coolant assemblies for the passenger car and light truck markets.  The business is part of the Climate and Industrial Controls segment and has annual sales of approximately $140 million and 1,000 employees.  This transaction does not include the Parker portion of the business that sells these same products for air conditioning applications or hose products in the heavy truck, agricultural, and construction equipment end markets.

ContiTech AG is one of the global leading suppliers of technical elastomer products in the non-tire rubber sector and a specialist for rubber technology in the non-tire rubber sector.  It develops and produces functional parts, components and systems for the automotive industry and other important industries.

With annual sales exceeding $13 billion in fiscal year 2012, 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 mobile, industrial and aerospace markets. The company employs approximately 60,000 people in 48 countries around the world. Parker has increased its annual dividends paid to shareholders for 56 consecutive fiscal 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 Parker, or its investor information web site at PH Stock.