Parker completes California real estate sale

CLEVELAND (Sept. 15)—Parker Hannifin Corp. has completed a sale of real estate property in Irvine, Calif. to KFPLB Michelson Jamboree L.L.C., Parker announced. The property, sold under undisclosed terms, had served as a headquarters to the Cleveland-based firm´s Aerospace Group and several of its divisions, which are being relocated to other facilities in Irvine. Parker will record a one-time gain on the sale of approximately 30 cents per share during its fiscal 2001 first quarter ended Sept. 30. The company expects the gain to be offset throughout the year largely by charges related to operating consolidations and additional business realignment measures to be discussed in its first quarter earnings report, to be released Oct. 17.