Parker Hannifin to Cut Jobs, Close 6 Plants

Parker Hannifin Corp., the largest maker of hydraulic equipment, will eliminate about 1,000 jobs, close six factories and write down some acquisitions because of falling sales to makers of chip and telecommunications devices.

The 84-year-old company will have fiscal fourth-quarter expenses of about $50 million, or 42 cents a share, for the three moves.

Parker Hannifin acquired 60 companies in the last 10 years, including makers of factory equipment used by computer and communications customers.

Cleveland-based Parker Hannifin will take a write-down of $37 million in its fourth quarter for a decline in the value of some of those acquisitions.

Shares of the company, which had fiscal 2001 sales of about $6 billion and almost 45,000 employees, rose 44 cents to $47.27 on the NYSE.