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Business Description
Parker-Hannifin Corporation is a worldwide full-line manufacturer of motion control products, including fluid power systems, electromechanical controls and related components. In addition to motion control products, the Company also is a worldwide producer of fluid purification, fluid control, process instrumentation, air conditioning, refrigeration, electromagnetic shielding and thermal management products, and designs and manufactures custom-engineered buildings. Also, through Wynn Oil Company and its subsidiaries (the Wynn's Specialty Chemical Group), Parker-Hannifin develops, manufactures and markets specialty chemical products and automotive service equipment. The Company also marketed vehicle service contract and product warranty programs until the divestiture of this business in June 2002.

Financial Information
PH manufactures motion control products, including fluid power systems, electromechanical controls and related components. For the fiscal year ended 6/30/02, revenues rose 3% to $6.15 billion. Net income before extraordinary item fell 62% to $130.2 million. Revenues reflect the acquisition of Wynn's International, Inc. and certain assets of Dana Corporation. Net income was offset by lower margins, $39.5 million in goodwill impairment, and the absence of gains on the sale of assets.