Parker Acquires Titan Industries

CLEVELAND, June 3, 2008 – Parker Hannifin Corporation (NYSE: PH), the global leader in motion and control technologies, today announced that it has acquired Titan Industries, a manufacturer of industrial rubber, custom made and composite hoses for fluid and material transfer as well as related products, services, and accessories. Headquartered in South Gate, California, Titan has additional locations in Houston, Texas and Salisbury, North Carolina, and employs 150 people. Titan Industries achieved sales of $28 million last year. The acquisition of Titan strengthens Parker’s position as an industry leader in the industrial hose market by substantially expanding the product offering and providing entrance into the marine, aircraft, food and dock side refueling markets. The acquisition is expected to be accretive to earnings within its first year of operation. Titan’s results will be reported within the Industrial North America segment. Terms of the deal were not disclosed.

Titan will be integrated into the Industrial Hose Products Division, part of Parker’s world wide Fluid Connectors Group. It will complement a broad line of hose products designed to meet the many demands of the industrial marketplace; including chemical, petroleum, air, water, cement and material handling applications.

”We are very excited to welcome Titan to Parker,” said Bob Bond, President, Fluid Connectors Group. “Titan has always been recognized as a leader in the Industrial Hose business, providing premier customer service and innovative products to the marketplace. Its custom made hose operations in California and North Carolina specialize in designing and fabricating products that expand Parker’s strategic product portfolio. With Parker and Titan teamed together, customers can be assured of hose assemblies that will deliver maximum life, reliability, and productivity. The combined strength of the two companies will further our ability to engineer complete hose systems and improve the productivity and profitability of our customers.”

“Parker’s superb products, reputation and distributor alliances will dramatically enhance Titan’s position in North America and elsewhere in the world. We are excited to be a part of the Parker family, and look forward to making a significant contribution to the Fluid Connectors Group sales and profitability in the years to come.” stated Todd Mackey, Titan’s President.

With annual sales exceeding $10 billion, 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 commercial, mobile, industrial and aerospace markets. The company employs more than 57,000 people in 43 countries around the world. Parker has increased its annual dividends paid to shareholders for 52 consecutive 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 http://www.parker.coM, or its investor information site at http://www.phstock.com.

May 15, 2008 Price Information

The Updated pricing effective May 15, 2008 is available in an electronic format. Please contact the Industrial Hose Products Customer Service toll free @ (866) 810-4673.

E-Z Form Hose Bending the Rules of Flexibility

E-Z Form Hose, a family of new industrial hoses from the Parker Industrial Hose Division, provides extreme flexibility while retaining full-flow performance. The value to original equipment manufacturers, equipment users and distributors is that this hose can be used where formed hoses were required because conventional industrial hose products were not able to bend tightly enough without kinking.

The two constructions consist of the GS and the MP versions. The GS version is constructed with an EPDM tube and cover and is primarily designed to replace formed hoses for radiator, water, and air applications. GS also conforms to the SAE J20R1 specifications. This version has a blue mylar layline to signify water applications.

The MP Version is manufactured with a Nitrile tube and a Neoprene cover and is designed to replace formed hoses for return lines, fuel filler neck (non-SAE std applications), or any place standard hoses will kink. This version has a red mylar layline to signify oil resistance. Sizes for both versions range from 1/2- inch to 4-inch inside diameter and are rated to 75 psi maximum recommended working pressure as well as for full vacuum (or suction) applications.

The new products will not replace all configurations but will substitute for many. Similar to the flex radiator hose, the EZ Form can be bent into tight configuration but the EZ Form is offered in much longer lengths. The stocked lengths are 25 ft. The product is also offered in non standard 130 ft. lengths upon requests.

By specifying E-Z Form Hose, designers can eliminate costly formed-hose constructions from their equipment while dramatically reducing lead-time and eliminating the need and cost of tooling. Users of equipment with existing formed-hose installations benefit because formed hose can be easily replaced with lower-cost, readily available E-Z Form Hose.

WARNING: Parker cautions against using E-Z Form where the hose may be subject to dragging across abrasive surfaces such as concrete or gravel. These materials may damage the squared edges of the Greek corrugation and tear the cover of the hose.