8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d) OF THE

SECURITIES EXCHANGE ACT OF 1934

Date of report (Date of earliest event reported): December 12, 2006

PARKER-HANNIFIN CORPORATION

(Exact Name of Registrant as Specified in Charter)

Ohio	1-4982	34-0451060
(State or Other Jurisdiction of Incorporation)	(Commission File Number)	(IRS Employer Identification No.)

6035 Parkland Blvd. Cleveland, Ohio	44124-4141
(Address of Principal Executive Offices)	(Zip Code)

Registrant’s telephone number, including area code: (216) 896-3000

Not Applicable

(Former name or former address, if changed since last report.)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

¨ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

¨ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

¨ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

¨ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

(b) On December 12, 2006, the Company announced that Nickolas W. Vande Steeg will retire from his positions as President of the Company and a member of the Company’s Board of Directors effective December 31, 2006. Mr. Vande Steeg will continue to serve as the Company’s Chief Operating Officer until March 31, 2007. During that time, however, his operational responsibilities as Chief Operating Officer will be transitioned to Lee C. Banks and Thomas L. Williams as disclosed in the press release attached hereto as Exhibit 99.1 and incorporated herein by reference.

(c) Donald E. Washkewicz, 56, Chairman of the Board and Chief Executive Officer of the Company, has been appointed to serve as the President of the Company effective January 1, 2007. Mr. Washkewicz has been Chairman of the Board of Directors of the Company since October 2004 and Chief Executive Officer of the Company since July 2001. He previously served as President of the Company from February 2000 to October 2004. Mr. Washkewicz is not a party to any transaction described in Item 404(a) of Regulation S-K involving the Company or any of its subsidiaries.

Item 9.01 Financial Statements and Exhibits

(d) Exhibits:

99.1 Press release issued by Parker-Hannifin Corporation, dated December 12, 2006.

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

PARKER-HANNIFIN CORPORATION
By:	/s/ Thomas A. Piraino, Jr.
	Thomas A. Piraino, Jr.
	Vice President and Secretary

Date: December 14, 2006

EXHIBIT INDEX

Exhibit No.	Description of Exhibit
99.1	Press release issued by Parker-Hannifin Corporation, dated December 12, 2006.

EX-99.1

Exhibit 99.1

For Release:	Immediately
Contact:	Media –
	Christopher M. Farage - Vice President, Corp. Communications	216/896-2750
	cfarage@parker.com
	Financial Analysts –
	Pamela Huggins, Vice President - Treasurer	216/896-2240
	phuggins@parker.com

Stock Symbol: PH - NYSE

Parker President and COO Nick Vande Steeg Retires After 35 Years of Service

Previously Announced Executive Appointments Ensure Smooth Transition

CLEVELAND, December 12, 2006 – Parker Hannifin Corporation (NYSE: PH) today announced the retirement of President and Chief Operating Officer Nickolas W. Vande Steeg, age 63. Vande Steeg will retire as President and as a member of Parker’s Board of Directors at the end of this calendar year. Current Chairman and Chief Executive Officer, Donald E. Washkewicz, will assume the title of President.

To ensure a smooth transition, the operational responsibility for Parker’s business groups previously held by Vande Steeg are now under the responsibility of two executives, who were recently promoted to the position of Senior Vice President, Operating Officer. Each has separate and defined oversight for Parker’s business groups and regions.

As previously announced, Lee C. Banks and Thomas L. Williams were promoted to their new roles November 1 to oversee the company’s industrial businesses. This new alignment allows for more focused support of Parker’s regional groups in Latin America, Asia Pacific and Europe, where the company’s business continues to expand and grow rapidly. In addition, Robert P. Barker was also promoted November 1 to Senior Vice President, Operating Officer, and will continue his leadership of the company’s aerospace business.

Commenting on Vande Steeg’s remarkable 35-year career at Parker, Don Washkewicz, Chairman and Chief Executive Officer said, “Nick’s leadership has inspired many throughout the company to continue his legacy of success. Among Nick’s many accomplishments, he took the initiative to successfully execute the Win Strategy, which has reshaped the company to achieve the record results we are experiencing today.”

Vande Steeg began his career at Parker as a Total Quality Assurance Manager within the company’s seal business in 1971. He advanced at the company through 10 positions, including General Manager, Global Seal Group President, and finally President and COO. “Under Nick’s stewardship, the company has grown substantially around the world,” continued Washkewicz. “He has reinforced a culture of execution and results at Parker that will serve the company well for many years to come. We wish him the very best in retirement.”

“I’d like to thank the thousands of Parker employees whose hard work over the years has moved the company into a top quartile position relative to our peers,” noted Vande Steeg. “You have helped to make Parker into a great company, and have done so with a level of integrity and purpose that allows Parker people to be recognized with respect the world over. I’m confident that your professionalism and focus on premier customer service, along with our recent executive appointments, point toward even brighter days for Parker in the future.”

With annual sales exceeding $9 billion, Parker Hannifin is the world’s leading diversified manufacturer of motion and control technologies and systems, providing precision-engineered solutions for a wide variety of commercial, mobile, industrial and aerospace markets. The company employs more than 57,000 people in 43 countries around the world. Parker has increased its annual dividends paid to shareholders for 50 consecutive years, among the top five longest-running dividend-increase records in the S&P 500 index. For more information, visit the company’s web site at http://www.parker.com, or its investor information site at http://www.phstock.com.

Forward-Looking Statements: Forward-looking statements contained in this and other written reports and oral statements are made based on known events and circumstances at the time of release, and as such, are subject in the future to unforeseen uncertainties and risks. All statements regarding future performance, earnings projections, events or developments are forward-looking statements. It is possible that the Company’s future performance and earnings projections of the Company may differ materially from current expectations, depending on economic conditions within both its industrial and aerospace markets, and the Company’s ability to achieve anticipated benefits associated with announced realignment activities, strategic initiatives to improve operating margins and growth and innovation initiatives. A change in economic conditions in individual markets may have a particularly volatile effect on segment performance. Among other factors which may affect future performance are: changes in business relationships with and purchases by or from major customers or suppliers, including delays or cancellations in shipments, or significant changes in financial condition, uncertainties surrounding timing, successful completion or integration of acquisitions, threats associated with and efforts to combat terrorism, competitive market conditions and resulting effects on sales and pricing, increases in raw material costs that cannot be recovered in product pricing, the Company’s ability to manage costs related to insurance and employee retirement and health care benefits, and global economic factors, including manufacturing activity, air travel trends, currency exchange rates, difficulties entering new markets and general economic conditions such as interest rates. The Company undertakes no obligation to update or publicly revise these forward-looking statements to reflect events or circumstances that arise after the date of this Report.