CLEVELAND - Parker Hannifin Corp. and Sporlan Valve Co. have confirmed that they have signed an agreement paving the way for a "strategic, complementary business combination, pending satisfaction of customary conditions, including regulatory review," according to a statement from Parker.

The agreement provides for Sporlan to become a division of Parker's Climate & Industrial Controls unit "with a strategy to grow the business globally," according to the statement.

A spokesperson from Parker stated that further details about the combination will be provided upon completion of the transaction. Those details will be made available in the future at the Parker Web site (www.parker.com) and in the print and online editions of The News.

Publication date: 08/09/2004