Parker Hannifin Acquires CIRCOR Aerospace for $2.55 Billion

Parker Hannifin Corporation (NYSE: PH) said May 21, 2026, that it signed a definitive agreement to acquire CIRCOR International’s Commercial and Defense Aerospace business. Parker will integrate the unit into its Aerospace Systems segment.

Deal Terms and Valuation

The transaction is structured as an asset purchase on a cash-free, debt-free basis. The purchase price includes expected tax benefits with an estimated net present value of about $75 million. Parker disclosed implied valuation multiples of 22.7 times CIRCOR Aerospace’s estimated adjusted EBITDA for calendar year 2026, or 18.2 times when including expected cost synergies equal to roughly 10% of 2026 estimated sales.

Funds managed by KKR acquired CIRCOR in 2023 in a take-private transaction valued at approximately $1.8 billion. KKR is now monetizing the aerospace division through this sale, which it positioned as part of a portfolio optimization separating aerospace from other industrial and naval flow-control businesses.

The consideration is payable in cash, and Parker used the deal’s multiples and synergy assumptions to provide valuation context for investors.

Strategic Fit and Closing Timeline

CIRCOR Aerospace designs and manufactures highly engineered fluid-control and actuation components, subsystems, and systems for commercial aerospace, defense, and space markets. It supplies components across a broad range of key platforms.

Parker plans to report the acquired business within its Aerospace Systems segment after closing. The company said the deal will expand its motion-and-control product portfolio and increase shipset content—the value of components per aircraft or vehicle—on existing and future commercial and defense platforms.

Both parties expect the transaction to close in the second half of calendar year 2026, subject to customary closing conditions and receipt of applicable regulatory approvals. Neither release listed financial or legal advisors to the deal.

A senior Parker executive said the acquisition “will further strengthen Parker’s position as a leading provider of highly engineered motion and control solutions for the aerospace industry, increasing our content on key platforms and expanding the breadth of our product portfolio.”