Parker Hannifin Buys TTxe Business Supplying Aftermarket Transmission Components

CLEVELAND, Nov. 1 /PRNewswire-FirstCall/ -- Parker Hannifin today announced that it has purchased the business of TTxe of Fremont, Ohio comprising hard parts for the automotive transmission aftermarket including Roadmaster (TM) products. Terms of the sale were not disclosed. TTxe had sales of $4.9 million in 2004.

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"The TTxe business complements our acquisition of Filtran Aftermarket Products completed in early September, and brings to Parker a management team experienced in growing aftermarket sales," said Heinz Droxner, President of Parker's Seal Group. "We now can offer complete transmission sealing kits for automotive transmission OEMs as well as aftermarket re-builders serving fleet owners. These products will play a significant part in extending the service life of vehicles operated by our customers."

"We are pleased to reach this agreement with Parker," said Fred Burkhart, Chief Executive Officer of TTxe. "Parker's stature among manufacturers and its ability to supply sealing solutions on a global scale makes it the clear choice to continue service to existing customers while expanding our geographic reach."

With annual sales exceeding $8 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 50,000 people in 46 countries around the world. Parker has increased its annual dividends paid to shareholders for 49 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/.

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