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Filed by Parker-Hannifin Corporation
Pursuant to Rule 425 under the Securities Act of 1933
Subject Company: Parker-Hannifin Corporation
Commission File No: 1-4982
NEWSPAPER ARTICLE PUBLISHED IN THE YOUNGSTOWN, OHIO NEWSPAPER, THE VINDICATOR,
ON MARCH 13, 2000 IN CONNECTION WITH THE MERGER OF COMMERCIAL INTERTECH CORP.
INTO PARKER-HANNIFIN CORPORATION
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A MESSAGE TO SHAREHOLDERS, EMPLOYEES AND FRIENDS OF COMMERCIAL INTERTECH
WE WANT YOU TO KNOW. . .
The proposed merger of Commercial Intertech and Parker Hannifin is an important
issue not only to Commercial Intertech shareholders, employees and the Mahoning
Valley community; it also is important to all of us at Parker.
This month, people from our organizations are working on preliminary plans to
grow our business together, as Commercial Intertech shareholders are being asked
to approve the merger. We'd like to take this opportunity to update you on our
progress:
- - TEAMS OF COMMERCIAL INTERTECH AND PARKER MANAGERS have been established to
identify joint opportunities to create value for employees, customers and
shareholders.
- - BECAUSE THE VAST MAJORITY OF JOBS AT THE YOUNGSTOWN HEADQUARTERS support
Commercial Intertech's operating units, they will be retained. Our top
priority is to place people in positions well suited for their abilities
and aspirations.
- - WE ARE LEARNING FROM ONE ANOTHER, and our experience confirms what we
already knew: The cultures and combined strengths we have to offer hold
great promise for the future of our people and the stakeholders of our
companies.
- - COMMERCIAL'S OPERATING UNITS WILL CONTINUE AS LOCALLY RUN BUSINESSES, with
unit managers given greater profit-management responsibility under Parker.
This has been our history with other companies who have joined our family.
- - OUR BUSINESSES OVERLAP IN VERY FEW PLACES. In fact, our combined products
and plants are keys to our success going forward. Parker is ready to grow
the business, and we have the financial capacity to invest in growth.
- - DEMONSTRATING OUR COMMITMENT TO GROWTH, we recently acquired Gresen
Hydraulics as a complementary addition to Commercial's existing product
lines. And we see many exciting prospects ahead.
Parker has welcomed many new companies to create an organization 40,000 people
around the world, each of whom has benefited from and contributed to the
strength
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of the company. We invite you to vote your proxy to share in that strength, and
ensure the future prosperity of the Mahoning Valley.
From the People of Parker Hannifin
For more information about the merger and our companies, please visit
www.phstock.com.
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INVESTOR NOTICE
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Investors and shareholders are advised to read the proxy statement/prospectus
regarding Parker-Hannifin Corporation's proposed merger with Commercial
Intertech Corp. referenced in the foregoing information, because it contains
important information. This proxy statement/prospectus was filed with the
Securities and Exchange Commission by Parker as part of Parker's Registration
Statement on Form S-4, which became effective February 28, 2000. Investors and
shareholders may obtain a free copy of the proxy statement/prospectus and other
documents filed by Parker at the Securities and Exchange Commission's web site
at www.sec.gov. The proxy statement/prospectus and such other documents also may
be obtained by directing such request to Parker-Hannifin Corporation, 6035
Parkland Boulevard, Cleveland, OH 44114, Office of Corporate Secretary, tel:
(216) 896-3000.
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, events or developments, including
statements related to earnings accretion and synergies to be realized in the
merger, are forward-looking statements. It is possible that the company's future
performance may differ materially from current expectations expressed in these
forward-looking statements, due to a variety of factors such as changes in:
business relationships with and purchases by or from major customers or
suppliers; competitive market conditions and resulting effects on sales and
pricing; increases in raw-material costs which cannot be recovered in product
pricing; global economic factors, including currency exchange rates and
difficulties entering new markets; failure of the merger to be consummated;
ability to successfully integrate Commercial Intertech's business with Parker's;
and factors noted in the Registration Statement on Form S-4 filed by Parker in
connection with the proposed merger with Commercial Intertech and in Parker's
reports filed with the Securities and Exchange Commission.
