Parker Hannifin Corporation Announces Definitive Agreement to Acquire CIRCOR Aerospace Business for $2.55 Billion

• Adds complementary flight-critical motion and flow control capabilities
• Proprietary technologies for current and next generation commercial and defense platforms
• $270M in expected CY2026 sales with more than 40% adjusted EBITDA margin before synergies
• 80% OEM business balanced 50/50 across commercial and defense
• Double-digit sales growth expected to continue, driven by leading positions on premier programs
• Expected to be immediately accretive to sales growth, EBITDA margins, adjusted EPS and cash flow
  

CLEVELAND, May 21, 2026 (GLOBE NEWSWIRE) -- Parker Hannifin Corporation (NYSE:PH), the global leader in motion and control technologies, today announced that it has entered into a definitive agreement to acquire the Commercial and Defense Aerospace business of CIRCOR International, Inc. on a cash-free, debt-free basis for a cash purchase price of $2.55 billion, which includes expected tax benefits with an estimated net present value of approximately $75 million. The purchase price, net of expected tax benefits, represents 22.7x CIRCOR Aerospace’s calendar year 2026 estimated adjusted EBITDA, or 18.2x including expected cost synergies of approximately 10% of calendar year 2026 estimated sales. The transaction is subject to customary closing conditions, including receipt of applicable regulatory approvals, and is expected to close in the second half of calendar year 2026.

CIRCOR Aerospace designs, manufactures and supports highly engineered and proprietary flight-critical motion and flow control products for commercial aircraft and defense applications with production locations in the United States and EMEA. CIRCOR Aerospace estimates calendar year 2026 sales of approximately $270 million with adjusted EBITDA margins of more than 40% before synergies and anticipates double-digit sales growth over the next several years driven by positions on premier aerospace and defense programs.

“This transaction represents our latest strategic investment in longer cycle, higher growth, high margin businesses aligned with our continuous focus on delivering top-quartile financial performance,” said Jenny Parmentier, Chairman and Chief Executive Officer. “CIRCOR Aerospace adds complementary capabilities and technologies, further expanding our ability to serve aerospace and defense customers. Using our business system, The Win Strategy™, we expect to further accelerate growth and achieve operational synergies to create shareholder value.”

Commenting on the transaction, Tony Najjar, Vice Chairman of CIRCOR, said, “Parker is an innovative and proven leader in the aerospace and defense market with a portfolio of complementary technologies that will allow CIRCOR Aerospace and Parker to better serve customer needs. I am excited for our employees to join such an outstanding company with a pedigree in the aerospace and defense market. We believe our customers will benefit from the broad engineering expertise and operational excellence our combined businesses provide.”

Advisors
Guggenheim Securities, LLC is serving as financial advisor and Jones Day is serving as legal counsel to Parker. Goldman Sachs & Co. LLC and Evercore are serving as financial advisors and Kirkland & Ellis LLP is serving as legal counsel to CIRCOR Aerospace.

About Parker Hannifin
Parker Hannifin is a Fortune 250 global leader in motion and control technologies. For more than a century the company has been enabling engineering breakthroughs that lead to a better tomorrow. Learn more at www.parker.com or @parkerhannifin.

Note on Non-GAAP Financial Measures

This press release contains non-GAAP financial information of CIRCOR Aerospace, including adjusted EBITDA, synergized adjusted EBITDA, and adjusted EBITDA margin. A reconciliation of non-GAAP measures is included in the appendix to this press release. These measures are presented to allow investors and Parker to meaningfully evaluate net income and operating margins on a comparable basis. Although these measures are not measures of performance calculated in accordance with GAAP, we believe that they are useful to an investor in evaluating results against other periods.

Forward-Looking Statements

Forward-looking statements contained in this and other written and oral reports 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. Often but not always, these statements may be identified from the use of forward-looking terminology such as “anticipates,” “believes,” “may,” “should,” “could,” “expects,” “targets,” “is likely,” “will,” or the negative of these terms and similar expressions, and may also include statements regarding future performance, orders, earnings projections, events or developments. Parker cautions readers not to place undue reliance on these statements. It is possible that future performance may differ materially from expectations, including those based on past performance.

The risks and uncertainties in connection with such forward-looking statements related to the proposed transaction include, but are not limited to, the occurrence of any event, change or other circumstance that could delay completion of the proposed transaction; the possibility of non-consummation of the proposed transaction and termination of the purchase agreement; the failure to satisfy any of the conditions to the proposed transaction set forth in the purchase agreement; the possibility that a governmental entity may prohibit the consummation of the proposed transaction or may delay or refuse to grant a necessary regulatory approval in connection with the proposed transaction, or that in order for the parties to obtain any such regulatory approvals, conditions are imposed that adversely affect the anticipated benefits from the proposed transaction or cause the parties to abandon the proposed transaction; adverse effects on Parker’s common shares because of the failure to complete the proposed transaction; Parker’s business experiencing disruptions due to transaction-related uncertainty or other factors making it more difficult to maintain relationships with employees, business partners or governmental entities; the possibility that the expected synergies and value creation from the proposed transaction will not be realized or will not be realized within the expected time period; the parties being unable to successfully implement integration strategies; and significant transaction costs related to the proposed transaction.

Other factors that may affect future performance are: changes in business relationships with and orders by or from major customers, suppliers or distributors, including delays or cancellations in shipments; disputes regarding contract terms, changes in contract costs and revenue estimates for new development programs; changes in product mix; ability to identify acceptable strategic acquisition targets; uncertainties surrounding timing, successful completion or integration of acquisitions and similar transactions, including the pending acquisition of Filtration Group Corporation and the integration of Curtis Instruments, Inc.; ability to successfully divest businesses planned for divestiture and realize the anticipated benefits of such divestitures; the determination and ability to successfully undertake business realignment activities and the expected costs, including cost savings, thereof; ability to implement successfully business and operating initiatives, including the timing, price and execution of share repurchases and other capital initiatives; availability, cost increases of or other limitations on our access to raw materials, component products and/or commodities if associated costs cannot be recovered in product pricing; ability to manage costs related to insurance and employee retirement and health care benefits; legal and regulatory developments and other government actions, including related to environmental protection, and associated compliance costs; supply chain and labor disruptions, including as a result of tariffs and labor shortages; threats associated with international conflicts, including geopolitical tensions in the Middle East, and cybersecurity risks and risks associated with protecting our intellectual property; uncertainties surrounding the ultimate resolution of outstanding legal proceedings, including the outcome of any appeals; effects on market conditions, including sales and pricing, resulting from global reactions to U.S. trade policies; manufacturing activity, air travel trends, currency exchange rates, difficulties entering new markets and economic conditions such as inflation, deflation, interest rates and credit availability; inability to obtain, or meet conditions imposed for, required governmental and regulatory approvals; changes in the tax laws in the United States and foreign jurisdictions and judicial or regulatory interpretations thereof; and large scale disasters, such as floods, earthquakes, hurricanes, industrial accidents and pandemics. Readers should also consider forward-looking statements in light of risk factors discussed in Parker’s Annual Report on Form 10-K for the fiscal year ended June 30, 2025 and other periodic filings made with the SEC.

Reconciliation of Forecasted EBITDA to Adjusted EBITDA CIRCOR Aerospace

Source: CIRCOR International, Inc.

*Figures in table may not foot or recalculate exactly due to rounding