CLEVELAND, Sept. 13 /PRNewswire-FirstCall/ -- Parker
Hannifin Corporation (NYSE: PH), the global leader in motion and
control technologies, today announced the issuance of medium term
notes totaling $300 million and
maturing in September 2022.
Each of the three primary debt rating agencies -- Fitch
Ratings, Moody's Investors Services, and Standard & Poor's
-- have confirmed that Parker's existing strong investment
grade ratings apply to these securities. Proceeds will be used to
repay outstanding debt and for general corporate purposes.
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"We are very pleased with the strong level of demand for these
notes," said Timothy K. Pistell,
Parker Executive Vice President -- Finance and Administration and
Chief Financial Officer. "Our ability to efficiently raise capital
to manage upcoming debt maturities and take advantage of attractive
interest rates is recognition of the consistent financial strength
Parker has exhibited, particularly through this most recent
recessionary period. The financing achieved through the
issuance of these notes will further strengthen our capital
structure. Our ability to generate consistent operating cash
flow growth and maintain a strong balance sheet positions us well
for continued profitable growth."
With annual sales of $10 billion
in fiscal year 2010, 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 55,000 people in 46
countries around the world. Parker has increased its annual
dividends paid to shareholders for 54 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 www.parker.com, or its investor information web site at
www.phstock.com.
Forward-Looking Statements
Forward-looking statements contained in this and other written
and oral reports are made based on known events and circumstances
at the time of release, and as such, are subject in the future to
unforeseen uncertainties and risks. All statements regarding future
performance, earnings projections, events or developments are
forward-looking statements. It is possible that the future
performance and earnings projections of the company and individual
segments may differ materially from current expectations, depending
on economic conditions within its mobile, industrial and aerospace
markets, and the company's ability to maintain and achieve
anticipated benefits associated with announced realignment
activities, strategic initiatives to improve operating margins,
actions taken to combat the effects of the current economic
environment, and growth, innovation and global diversification
initiatives. A change in economic conditions in individual markets
may have a particularly volatile effect on segment results. Among
the other factors which may affect future performance are: changes
in business relationships with and purchases by or from major
customers, suppliers or distributors, including delays or
cancellations in shipments, disputes regarding contract terms or
significant changes in financial condition, and changes in contract
cost and revenue estimates for new development programs;
uncertainties surrounding timing, successful completion or
integration of acquisitions; ability to realize anticipated cost
savings from business realignment actions; threats associated with
and efforts to combat terrorism; uncertainties surrounding the
ultimate resolution of outstanding legal proceedings, including the
outcome of any appeals; competitive market conditions and resulting
effects on sales and pricing; increases in raw material costs that
cannot be recovered in product pricing; the company's ability to
manage costs related to insurance and employee retirement and
health care benefits; and global economic factors, including
manufacturing activity, air travel trends, currency exchange rates,
difficulties entering new markets and general economic conditions
such as inflation, deflation, interest rates and credit
availability. The company makes these statements as of the date of
this disclosure, and undertakes no obligation to update them unless
otherwise required by law.
SOURCE Parker Hannifin Corporation
Copyright . 13 PR Newswire