Parker to Acquire Dana's Chelsea Division

    CLEVELAND, May 16 Parker Hannifin Corporation
today announced an agreement to acquire Dana Corporation's Chelsea Products
Division, a leading supplier of power take-offs (PTOs) and related auxiliary
power devices for medium- and heavy-duty vocational equipment.  Terms for the
purchase, which is subject to customary regulatory approval, were not
disclosed.
    
    With year-2000 sales of $67 million, Chelsea is highly regarded for
innovation and engineering expertise serving "evergreen" vocational-equipment
markets such as mobile rescue, towing, fire-fighting and material handling.
The company employs 140 people and operates facilities in the United States
and the United Kingdom.  Parker said it plans to operate Chelsea as a division
of its Hydraulics Group.

    "The addition of Chelsea will greatly enhance our ability to provide
customers with the most complete product offering in the industry," said
Parker Hydraulics Group President Marwan Kashkoush.  "Chelsea PTOs are the
perfect complement to our pump lines, and they round out our systems
capabilities to raise the stakes on providing premier service, from design to
delivery."

    Like other recent acquisitions the company has made, Parker said it
expects the Chelsea division to be immediately accretive to earnings, while
also providing global growth synergies as a strategic complement to the
company's existing hydraulics business.