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Parker to Repurchase Additional Shares of Its Stock

14 July 1998

Parker to Repurchase Additional Shares of Its Stock

    CLEVELAND--July 14, 1998--Parker Hannifin Corporation announced today that its Board of Directors has authorized the repurchase of an additional 4.0 million shares of its common stock. This brings to 5.05 million the total number of shares currently authorized for repurchase under a plan initiated in August, 1990.
    President and Chief Executive Officer Duane E. Collins said, "Management believes that Parker shares represent a sound investment for the Company at current prices."
    Repurchases will be made of common stock on the open market and at prevailing prices. These repurchases will be funded from operating cash flow. The shares initially will be held as treasury stock.
    Since August of 1990, Parker has repurchased 5.7 million shares of its stock as of the end of its fiscal year 1998 ending June 30.
    Parker is a worldwide leader in the production of motion and control components for hundreds of industrial and aerospace markets. For more information about Parker, visit our Web site at www.parker.com.