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Parker Hannifin Acquires South Korean Automation Products Company

1 September 1998

Parker Hannifin Acquires South Korean Automation Products Company

    CLEVELAND--Sept. 1, 1998--Parker Hannifin Corporation announced today that it has acquired for an undisclosed amount of cash the assets of the Jinyoung Electric Machinery Company Ltd., of Seoul, South Korea.
    Jinyoung is a leading Korean manufacturer of automation components, including pneumatic valves and cylinders, speed controllers, silencers and speed control units. The privately held company has 60 employees, and had sales of approximately (U.S.) $7 million in the 1998 fiscal year ending June 30.
    The Jinyoung firm becomes part of Parker Hannifin's Asia Pacific Group headquartered in Hong Kong.
    Group President Joseph Vicic said, "We're pleased that this outstanding, cost-effective Korean maker of pneumatic automation equipment brings to Parker an important manufacturing base in the region from which we can better serve our customers in Asia, Europe and beyond."
    Parker Hannifin is a $4.6 billion worldwide leader in the production of motion and control components for hundreds of industrial and aerospace markets. For more information about Parker, visit the Company Web site at www.parker.com.