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Wed, Jun 09, 2004

Parker-Hannifin Sells AFIS Line

Deal Should Be Complete By September

Parker Hannifin Corporation and NXT LLC today announced they have reached an agreement in principle for NXT to purchase the AFIS (Automatic Flight Inspection System) product line, from Parker's Aerospace Group for an undisclosed amount. The system currently accounts for less than $1 million of Parker's total sales. Based in Oklahoma City, NXT plans on aggressively pursuing the domestic and international flight inspection marketplace. The divestiture is expected to be completed by the end of September, subject to negotiation and execution of definitive documentation and receipt of necessary government approvals.

"NXT and Parker Hannifin will work together to ensure the integrity of the AFIS product line, which has a long history of support for the US domestic and international aviation communities," said Richard Gucciardo, Parker Aerospace Group.

"We look forward to the opportunities that the addition of the AFIS product line will provide both domestically and internationally," said John Heiderstadt, VP, Operations, NXT LLC. "We are confident our staff's expertise will deliver quality support and innovation in the field of flight inspection."

FMI: www.parker.com

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